Wallace Capital Management Inc. Sells 20,367 Shares of General Mills, Inc. (NYSE:GIS)

Wallace Capital Management Inc. decreased its holdings in shares of General Mills, Inc. (NYSE:GIS) by 9.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,478 shares of the company’s stock after selling 20,367 shares during the quarter. General Mills accounts for about 1.6% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 13th biggest position. Wallace Capital Management Inc.’s holdings in General Mills were worth $12,366,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. NewEdge Advisors LLC grew its stake in General Mills by 17.5% in the second quarter. NewEdge Advisors LLC now owns 39,207 shares of the company’s stock worth $2,480,000 after purchasing an additional 5,849 shares in the last quarter. Kathmere Capital Management LLC grew its stake in General Mills by 6.0% in the second quarter. Kathmere Capital Management LLC now owns 11,790 shares of the company’s stock worth $746,000 after purchasing an additional 665 shares in the last quarter. Security National Bank of Sioux City Iowa IA grew its stake in General Mills by 36.1% in the second quarter. Security National Bank of Sioux City Iowa IA now owns 33,487 shares of the company’s stock worth $2,118,000 after purchasing an additional 8,883 shares in the last quarter. Security National Bank of SO Dak grew its stake in General Mills by 31.6% in the second quarter. Security National Bank of SO Dak now owns 31,170 shares of the company’s stock worth $1,972,000 after purchasing an additional 7,478 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in General Mills by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock valued at $356,151,000 after acquiring an additional 323,090 shares in the last quarter. Institutional investors own 75.71% of the company’s stock.

General Mills Stock Performance

Shares of GIS stock opened at $74.38 on Monday. The stock has a market cap of $41.51 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 3.82 and a beta of 0.10. The business has a 50-day simple moving average of $70.90 and a 200-day simple moving average of $68.87. 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, Inc. has a 52-week low of $60.33 and a 52-week high of $75.90.

General Mills (NYSE:GIS) last issued its quarterly earnings data on Wednesday, September 18th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.01. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. On average, equities analysts expect that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.40 annualized dividend and a dividend yield of 3.23%. General Mills’s dividend payout ratio is presently 55.68%.

Insider Activity at General Mills

In related news, insider Pankaj Mn Sharma sold 2,325 shares of General Mills stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.63, for a total value of $173,514.75. Following the completion of the transaction, the insider now owns 36,184 shares in the company, valued at approximately $2,700,411.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.24% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler increased their target price on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, September 19th. Barclays increased their target price on General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. Wells Fargo & Company increased their target price on General Mills from $67.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of General Mills in a research report on Thursday, September 19th. Finally, TD Cowen increased their target price on General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, General Mills presently has an average rating of “Hold” and an average price target of $72.73.

General Mills Company Profile

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.