General Mills (NYSE:GIS) Coverage Initiated by Analysts at Royal Bank of Canada
Royal Bank of Canada began coverage on shares of General Mills (NYSE:GIS) in a report released on Thursday morning, The Fly reports. The brokerage issued a sector perform rating and a $57.00 price objective on the stock.
A number of other analysts have also commented on the company. Piper Jaffray Companies increased their price objective on General Mills from $50.00 to $56.00 and gave the company a neutral rating in a research note on Wednesday, July 10th. Zacks Investment Research raised General Mills from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research note on Thursday, August 22nd. Barclays reaffirmed a hold rating and set a $55.00 price objective on shares of General Mills in a research note on Friday, September 20th. Guggenheim raised their price target on General Mills from $58.00 to $65.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Finally, ValuEngine raised General Mills from a strong sell rating to a sell rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. General Mills presently has an average rating of Hold and an average price target of $53.82.
Shares of GIS traded down $0.41 during trading hours on Thursday, reaching $52.55. 2,802,852 shares of the company traded hands, compared to its average volume of 3,340,724. The company has a quick ratio of 0.37, a current ratio of 0.62 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $32.01 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.25 and a beta of 0.73. General Mills has a fifty-two week low of $36.42 and a fifty-two week high of $56.40. The stock has a fifty day simple moving average of $54.22 and a 200 day simple moving average of $52.93.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Wednesday, October 9th. General Mills’s payout ratio is 60.87%.
In other General Mills news, insider Jonathon Nudi sold 18,951 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $54.52, for a total value of $1,033,208.52. Following the sale, the insider now directly owns 81,656 shares of the company’s stock, valued at approximately $4,451,885.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kofi A. Bruce sold 15,582 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $54.33, for a total value of $846,570.06. Following the completion of the transaction, the insider now owns 35,487 shares in the company, valued at $1,928,008.71. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in GIS. BlackRock Inc. raised its holdings in shares of General Mills by 15.8% in the 2nd quarter. BlackRock Inc. now owns 47,890,359 shares of the company’s stock worth $2,515,202,000 after purchasing an additional 6,544,997 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of General Mills by 24,698.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,637,916 shares of the company’s stock valued at $191,063,000 after buying an additional 3,623,246 shares during the period. Iridian Asset Management LLC CT purchased a new stake in shares of General Mills during the 2nd quarter valued at about $106,946,000. FMR LLC raised its holdings in shares of General Mills by 92.9% during the 1st quarter. FMR LLC now owns 3,431,373 shares of the company’s stock valued at $177,574,000 after buying an additional 1,652,275 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of General Mills by 44.6% during the 2nd quarter. Renaissance Technologies LLC now owns 5,313,884 shares of the company’s stock valued at $279,085,000 after buying an additional 1,639,900 shares during the period. Institutional investors own 68.73% of the company’s stock.
About General Mills
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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