Cannon Financial Strategists Inc. Invests $559,000 in General Mills, Inc. (NYSE:GIS)

Cannon Financial Strategists Inc. bought a new position in General Mills, Inc. (NYSE:GIS) in the 2nd quarter, HoldingsChannel reports. The fund bought 8,833 shares of the company’s stock, valued at approximately $559,000.

Several other hedge funds and other institutional investors have also modified their holdings of GIS. Vanguard Group Inc. boosted its position in shares of General Mills by 16.3% in the first quarter. Vanguard Group Inc. now owns 60,298,880 shares of the company’s stock worth $4,219,113,000 after buying an additional 8,444,312 shares during the period. Capital Research Global Investors raised its holdings in shares of General Mills by 22.3% during the first quarter. Capital Research Global Investors now owns 13,650,388 shares of the company’s stock worth $955,118,000 after acquiring an additional 2,488,341 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of General Mills by 100.4% during the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock worth $299,138,000 after acquiring an additional 2,368,563 shares in the last quarter. Wulff Hansen & CO. raised its holdings in shares of General Mills by 6,140.4% during the second quarter. Wulff Hansen & CO. now owns 945,421 shares of the company’s stock worth $59,807,000 after acquiring an additional 930,271 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of General Mills during the first quarter worth $36,177,000. Institutional investors and hedge funds own 75.71% of the company’s stock.

General Mills Trading Up 1.0 %

General Mills stock opened at $74.62 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.39 and a current ratio of 0.66. The business’s 50-day simple moving average is $71.30 and its 200-day simple moving average is $68.98. The firm has a market capitalization of $41.65 billion, a PE ratio of 17.31, a PEG ratio of 3.82 and a beta of 0.10. General Mills, Inc. has a 52 week low of $60.33 and a 52 week high of $75.90.

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

General Mills Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Thursday, October 10th. General Mills’s dividend payout ratio (DPR) is presently 55.68%.

Wall Street Analysts Forecast Growth

GIS has been the subject of several recent research reports. Mizuho cut their price objective on General Mills from $70.00 to $62.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Piper Sandler increased their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. The Goldman Sachs Group assumed coverage on General Mills in a report on Monday, August 12th. They set a “buy” rating and a $76.00 price objective for the company. Stifel Nicolaus raised their target price on General Mills from $70.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, TD Cowen raised their target price on General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, General Mills has a consensus rating of “Hold” and an average price target of $72.73.

Insider Buying and Selling

In related news, insider Jonathon Nudi sold 9,647 shares of General Mills stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $74.39, for a total transaction of $717,640.33. Following the sale, the insider now directly owns 128,664 shares of the company’s stock, valued at $9,571,314.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Jonathon Nudi sold 9,647 shares of General Mills stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $74.39, for a total transaction of $717,640.33. Following the sale, the insider now directly owns 128,664 shares of the company’s stock, valued at $9,571,314.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 sale, the insider now directly owns 36,184 shares in the company, valued at $2,700,411.92. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.

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.