Norges Bank Acquires New Shares in General Mills, Inc. $GIS

Norges Bank acquired a new stake in shares of General Mills, Inc. (NYSE:GIS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,775,312 shares of the company’s stock, valued at approximately $361,552,000.

Other institutional investors also recently bought and sold shares of the company. Zweig DiMenna Associates LLC bought a new position in shares of General Mills in the fourth quarter worth about $4,936,000. Eurizon Capital SGR S.p.A. bought a new position in shares of General Mills in the fourth quarter worth about $43,184,000. Fideuram Asset Management Ireland dac bought a new position in shares of General Mills in the fourth quarter worth about $94,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of General Mills by 18.8% in the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,727 shares of the company’s stock worth $266,000 after purchasing an additional 908 shares during the period. Finally, National Pension Service increased its stake in shares of General Mills by 10.7% in the fourth quarter. National Pension Service now owns 1,014,740 shares of the company’s stock worth $47,185,000 after purchasing an additional 98,018 shares during the period. 75.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at General Mills

In other General Mills news, insider Jacqueline Williams-Roll sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $34.27, for a total transaction of $342,700.00. Following the transaction, the insider owned 86,002 shares of the company’s stock, valued at approximately $2,947,288.54. This represents a 10.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ricardo Fernandez sold 7,995 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $34.50, for a total transaction of $275,827.50. Following the sale, the insider owned 62,283 shares of the company’s stock, valued at $2,148,763.50. The trade was a 11.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GIS has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on General Mills from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Thursday, May 28th. Wells Fargo & Company lowered their price target on General Mills from $33.00 to $30.00 and set an “underweight” rating on the stock in a research note on Monday, May 18th. Zacks Research lowered General Mills from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. BTIG Research began coverage on General Mills in a research note on Monday, April 13th. They set a “neutral” rating on the stock. Finally, Mizuho lowered their price target on General Mills from $47.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, General Mills presently has a consensus rating of “Reduce” and a consensus price target of $41.78.

General Mills Stock Down 0.5%

Shares of GIS opened at $33.63 on Tuesday. The company has a market capitalization of $17.95 billion, a P/E ratio of 8.22 and a beta of -0.03. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.56 and a quick ratio of 0.36. General Mills, Inc. has a one year low of $32.64 and a one year high of $55.19. The business’s 50 day simple moving average is $35.14 and its 200-day simple moving average is $41.85.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, March 18th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.09). The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.53 billion. General Mills had a return on equity of 19.19% and a net margin of 12.05%.The firm’s revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.12 earnings per share. As a group, sell-side analysts predict that General Mills, Inc. will post 3.43 EPS for the current fiscal year.

About General Mills

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.