General Mills, Inc. (NYSE:GIS) Stake Reduced by Tobam

Tobam cut its stake in General Mills, Inc. (NYSE:GIS) by 44.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 260,431 shares of the company’s stock after selling 210,294 shares during the quarter. General Mills comprises about 2.6% of Tobam’s investment portfolio, making the stock its 7th biggest position. Tobam’s holdings in General Mills were worth $16,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in GIS. International Assets Investment Management LLC increased its position in shares of General Mills by 7.4% during the fourth quarter. International Assets Investment Management LLC now owns 7,862 shares of the company’s stock worth $512,000 after acquiring an additional 539 shares during the last quarter. Valmark Advisers Inc. increased its holdings in General Mills by 106.5% in the fourth quarter. Valmark Advisers Inc. now owns 6,712 shares of the company’s stock valued at $437,000 after buying an additional 3,462 shares during the last quarter. Paradigm Financial Partners LLC increased its holdings in General Mills by 3.1% in the fourth quarter. Paradigm Financial Partners LLC now owns 14,331 shares of the company’s stock valued at $934,000 after buying an additional 425 shares during the last quarter. Choreo LLC increased its holdings in General Mills by 58.5% in the fourth quarter. Choreo LLC now owns 11,738 shares of the company’s stock valued at $765,000 after buying an additional 4,334 shares during the last quarter. Finally, Ledyard National Bank bought a new stake in General Mills in the fourth quarter valued at about $260,000. 75.71% of the stock is owned by hedge funds and other institutional investors.

General Mills Price Performance

Shares of NYSE:GIS opened at $71.37 on Friday. The company’s fifty day moving average is $66.61 and its two-hundred day moving average is $67.40. The company has a quick ratio of 0.38, a current ratio of 0.65 and a debt-to-equity ratio of 1.17. General Mills, Inc. has a 12-month low of $60.33 and a 12-month high of $74.45. The company has a market cap of $39.83 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 3.83 and a beta of 0.09.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, June 26th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The business had revenue of $4.71 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the company posted $1.12 EPS. General Mills’s revenue was down 6.3% on a year-over-year basis. Equities analysts expect that General Mills, Inc. will post 4.49 earnings per share for the current fiscal year.

General Mills Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a $0.60 dividend. The ex-dividend date was Wednesday, July 10th. This is a boost from General Mills’s previous quarterly dividend of $0.59. This represents a $2.40 dividend on an annualized basis and a yield of 3.36%. General Mills’s dividend payout ratio is currently 55.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GIS shares. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 target price on shares of General Mills in a research note on Thursday, June 27th. Wells Fargo & Company decreased their target price on General Mills from $70.00 to $67.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. Evercore ISI reduced their price objective on General Mills from $76.00 to $72.00 and set an “in-line” rating for the company in a research report on Friday, June 28th. Barclays reduced their price objective on General Mills from $72.00 to $67.00 and set an “equal weight” rating for the company in a research report on Friday, June 28th. Finally, Sanford C. Bernstein upgraded General Mills from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $62.00 to $70.00 in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, General Mills currently has an average rating of “Hold” and a consensus target price of $69.71.

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.