Sound Income Strategies LLC Raises Stock Position in General Mills, Inc. (NYSE:GIS)

Sound Income Strategies LLC raised its stake in shares of General Mills, Inc. (NYSE:GIS – Get Rating) by 29.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536 shares of the company’s stock after purchasing an additional 351 shares during the period. Sound Income Strategies LLC’s holdings in General Mills were worth $129,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GIS. Canada Pension Plan Investment Board boosted its holdings in General Mills by 56,697.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 857,636 shares of the company’s stock worth $65,703,000 after buying an additional 856,126 shares during the last quarter. Bridgewater Associates LP lifted its position in shares of General Mills by 46.8% in the second quarter. Bridgewater Associates LP now owns 1,780,147 shares of the company’s stock valued at $134,312,000 after acquiring an additional 567,715 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of General Mills by 209.9% in the third quarter. Intech Investment Management LLC now owns 790,928 shares of the company’s stock worth $60,592,000 after acquiring an additional 535,715 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of General Mills during the third quarter worth approximately $33,708,000. Finally, Vanguard Group Inc. raised its stake in General Mills by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 51,625,506 shares of the company’s stock valued at $3,955,030,000 after purchasing an additional 360,830 shares during the last quarter. Hedge funds and other institutional investors own 74.48% of the company’s stock.

General Mills Stock Performance

Shares of GIS stock opened at $79.79 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.35 and a current ratio of 0.58. The firm has a market cap of $47.04 billion, a P/E ratio of 16.66, a P/E/G ratio of 2.56 and a beta of 0.28. The firm’s 50 day moving average price is $78.79 and its 200-day moving average price is $79.91. General Mills, Inc. has a one year low of $61.67 and a one year high of $88.34.

General Mills (NYSE:GIS – Get Rating) last announced its earnings results on Tuesday, December 20th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.04. General Mills had a return on equity of 24.09% and a net margin of 15.02%. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. As a group, equities research analysts predict that General Mills, Inc. will post 4.18 EPS for the current year.

General Mills Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Thursday, April 6th. General Mills’s dividend payout ratio (DPR) is 45.09%.

Wall Street Analysts Forecast Growth

GIS has been the subject of a number of research reports. Piper Sandler upped their target price on shares of General Mills from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, December 15th. StockNews.com initiated coverage on shares of General Mills in a report on Thursday. They issued a “hold” rating for the company. UBS Group upgraded General Mills from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $88.00 in a report on Thursday, January 26th. Wells Fargo & Company assumed coverage on General Mills in a research report on Tuesday, January 3rd. They set an “equal weight” rating and a $88.00 price objective on the stock. Finally, Credit Suisse Group upped their target price on General Mills from $77.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday, December 21st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $82.94.

Insider Buying and Selling at General Mills

In other news, CAO Mark A. Pallot sold 1,955 shares of the stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $85.99, for a total transaction of $168,110.45. Following the sale, the chief accounting officer now owns 17,146 shares of the company’s stock, valued at $1,474,384.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark A. Pallot sold 1,955 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $85.99, for a total transaction of $168,110.45. Following the sale, the chief accounting officer now directly owns 17,146 shares of the company’s stock, valued at approximately $1,474,384.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jonathon Nudi sold 10,894 shares of the stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $84.49, for a total transaction of $920,434.06. Following the sale, the insider now owns 82,784 shares in the company, valued at $6,994,420.16. The disclosure for this sale can be found here. Insiders sold a total of 40,006 shares of company stock valued at $3,393,359 in the last three months. 0.67% of the stock is owned by corporate insiders.

About General Mills

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General Mills, Inc engages in the manufacture and marketing of branded consumer foods sold through retail stores. The firm operates through the following segments: North America Retail, Europe & Australia, Convenience Stores & Foodservice, Pet, and Asia & Latin America. The North America Retail segment includes grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains and e-commerce grocery providers.