General Mills (NYSE:GIS) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company

General Mills (NYSE:GIS) had its price target reduced by Wells Fargo & Company from $68.00 to $64.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

GIS has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price objective on shares of General Mills in a research note on Thursday, December 19th. Barclays cut their price target on shares of General Mills from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, December 20th. JPMorgan Chase & Co. lifted their price objective on General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Stifel Nicolaus dropped their price objective on General Mills from $82.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, Piper Sandler raised their target price on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, General Mills has a consensus rating of “Hold” and an average price target of $71.31.

General Mills Stock Performance

NYSE GIS opened at $60.90 on Tuesday. The company has a market capitalization of $33.57 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 3.47 and a beta of 0.11. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. General Mills has a twelve month low of $59.70 and a twelve month high of $75.90. The stock has a fifty day simple moving average of $64.71 and a 200 day simple moving average of $67.74.

General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, December 18th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.18. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.14 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Sell-side analysts expect that General Mills will post 4.5 EPS for the current year.

General Mills Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, January 10th. This represents a $2.40 dividend on an annualized basis and a yield of 3.94%. General Mills’s dividend payout ratio (DPR) is currently 52.17%.

Insider Transactions at General Mills

In other General Mills news, CAO Mark A. Pallot sold 8,083 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $71.28, for a total value of $576,156.24. Following the completion of the sale, the chief accounting officer now directly owns 14,813 shares of the company’s stock, valued at approximately $1,055,870.64. This represents a 35.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Maria Sastre sold 1,000 shares of General Mills stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $63.66, for a total transaction of $63,660.00. Following the transaction, the director now directly owns 23,013 shares in the company, valued at approximately $1,465,007.58. This represents a 4.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,624 shares of company stock valued at $3,897,326 over the last ninety days. 0.26% of the stock is currently owned by insiders.

Institutional Trading of General Mills

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp grew its stake in General Mills by 9.4% in the 3rd quarter. State Street Corp now owns 33,502,737 shares of the company’s stock valued at $2,474,177,000 after purchasing an additional 2,867,678 shares during the period. Nordea Investment Management AB grew its position in General Mills by 64.5% during the fourth quarter. Nordea Investment Management AB now owns 7,803,046 shares of the company’s stock valued at $497,054,000 after buying an additional 3,058,414 shares during the period. JPMorgan Chase & Co. increased its holdings in General Mills by 105.2% during the third quarter. JPMorgan Chase & Co. now owns 5,708,223 shares of the company’s stock worth $421,552,000 after buying an additional 2,926,232 shares during the last quarter. Legal & General Group Plc raised its position in General Mills by 6.1% in the second quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock worth $356,151,000 after acquiring an additional 323,090 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in General Mills by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock valued at $342,478,000 after acquiring an additional 148,235 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

About General Mills

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.