PNC Financial Services Group Inc. Has $111.60 Million Stake in General Mills, Inc. (NYSE:GIS)

PNC Financial Services Group Inc. lowered its position in General Mills, Inc. (NYSE:GIS) by 1.5% during the third quarter, Holdings Channel reports. The firm owned 1,511,174 shares of the company’s stock after selling 22,608 shares during the period. PNC Financial Services Group Inc.’s holdings in General Mills were worth $111,600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GIS. Capital Research Global Investors increased its stake in shares of General Mills by 22.3% in the 1st quarter. Capital Research Global Investors now owns 13,650,388 shares of the company’s stock valued at $955,118,000 after acquiring an additional 2,488,341 shares in the last quarter. Legal & General Group Plc increased its stake in shares of General Mills by 6.1% in 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. Dimensional Fund Advisors LP increased its stake in shares of General Mills by 2.8% in the 2nd 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 in the last quarter. American Century Companies Inc. increased its stake in General Mills by 100.4% during the 2nd quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in General Mills by 2.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,560,066 shares of the company’s stock valued at $225,210,000 after purchasing an additional 76,074 shares in the last quarter. Institutional investors and hedge funds own 75.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup boosted their price target on shares of General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on shares of General Mills in a report on Monday, August 12th. They issued a “buy” rating and a $76.00 price target on the stock. Piper Sandler boosted their price target on shares of General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. boosted their price target on shares of General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, TD Cowen boosted their price target on shares of General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $72.67.

General Mills Trading Down 0.2 %

Shares of NYSE:GIS opened at $62.78 on Wednesday. The stock has a market capitalization of $34.85 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 3.25 and a beta of 0.11. 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 stock’s 50-day simple moving average is $70.18 and its two-hundred day simple moving average is $68.73. General Mills, Inc. has a 52-week low of $61.47 and a 52-week high of $75.90.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.01. The business had revenue of $4.85 billion for 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 business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.09 earnings per share. Analysts expect that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.82%. General Mills’s payout ratio is currently 57.14%.

Insider Activity

In other General Mills news, CEO Jeffrey L. Harmening sold 46,500 shares of General Mills stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total value of $3,190,365.00. Following the sale, the chief executive officer now owns 355,328 shares of the company’s stock, valued at $24,379,054.08. The trade was a 11.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jonathon Nudi sold 9,647 shares of General Mills stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $74.39, for a total value of $717,640.33. Following the completion of the sale, the insider now directly owns 128,664 shares in the company, valued at approximately $9,571,314.96. The trade was a 6.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,555 shares of company stock valued at $4,721,336 in the last ninety days. Corporate insiders own 0.26% of the company’s stock.

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.