Russell Investments Group Ltd. cut its position in shares of General Mills, Inc. (NYSE:GIS) by 12.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 655,141 shares of the company’s stock after selling 95,376 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of General Mills worth $33,911,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of General Mills by 1.4% in the second quarter. Vanguard Group Inc. now owns 39,968,232 shares of the company’s stock valued at $2,214,240,000 after acquiring an additional 533,919 shares during the last quarter. American Century Companies Inc. raised its stake in shares of General Mills by 15.9% in the third quarter. American Century Companies Inc. now owns 11,295,701 shares of the company’s stock valued at $584,665,000 after acquiring an additional 1,550,074 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of General Mills by 13.5% in the third quarter. Bank of New York Mellon Corp now owns 7,490,175 shares of the company’s stock valued at $387,691,000 after acquiring an additional 890,262 shares during the last quarter. Morgan Stanley raised its position in General Mills by 29.4% in the 1st quarter. Morgan Stanley now owns 7,055,040 shares of the company’s stock worth $416,318,000 after purchasing an additional 1,603,577 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in General Mills by 5.3% in the 1st quarter. Geode Capital Management LLC now owns 5,814,657 shares of the company’s stock worth $342,642,000 after purchasing an additional 295,119 shares during the last quarter. 72.78% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the stock. Susquehanna Bancshares set a $56.00 price objective on shares of General Mills and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Zacks Investment Research upgraded shares of General Mills from a “sell” rating to a “hold” rating in a research report on Wednesday, August 23rd. BMO Capital Markets restated a “market perform” rating and issued a $57.00 price objective (down previously from $60.00) on shares of General Mills in a research report on Thursday, September 21st. Piper Jaffray Companies restated a “sell” rating and issued a $53.00 price objective on shares of General Mills in a research report on Thursday, September 21st. Finally, Wells Fargo & Company dropped their price objective on shares of General Mills from $56.00 to $53.00 and set a “market perform” rating for the company in a research report on Friday, September 22nd. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $56.60.
General Mills (NYSE:GIS) last issued its earnings results on Wednesday, September 20th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.05). The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.79 billion. General Mills had a net margin of 10.68% and a return on equity of 39.82%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 earnings per share. research analysts anticipate that General Mills, Inc. will post 3.1 EPS for the current fiscal year.
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About General Mills
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.
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