General Mills (NYSE:GIS) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company

General Mills (NYSE:GIS) had its target price cut by Wells Fargo & Company from $68.00 to $64.00 in a report issued on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages also recently issued reports on GIS. JPMorgan Chase & Co. raised their price objective on shares of General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price target on shares of General Mills in a research report on Thursday, December 19th. Piper Sandler increased their price objective on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, September 19th. Barclays lowered their target price on General Mills from $74.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, December 20th. Finally, TD Cowen cut their price target on General Mills from $75.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.31.

General Mills Stock Down 1.0 %

GIS opened at $60.88 on Tuesday. General Mills has a one year low of $60.82 and a one year high of $75.90. 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 has a market capitalization of $33.56 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 3.47 and a beta of 0.11. The business’s 50-day simple moving average is $65.00 and its 200-day simple moving average is $67.84.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, December 18th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.22 by $0.18. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.14 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Analysts anticipate that General Mills will post 4.5 EPS for the current year.

General Mills Dividend Announcement

The business also recently declared 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 is Friday, January 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.94%. General Mills’s payout ratio is 52.17%.

Insider Transactions at General Mills

In related news, CEO Jeffrey L. Harmening sold 46,500 shares of General Mills stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the completion of the transaction, the chief executive officer now directly owns 355,328 shares of the company’s stock, valued at approximately $24,379,054.08. The trade was a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark A. Pallot sold 8,083 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $71.28, for a total value of $576,156.24. Following the completion of the sale, the chief accounting officer now directly owns 14,813 shares in the company, valued at $1,055,870.64. This trade represents a 35.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,624 shares of company stock valued at $3,897,326 in the last quarter. 0.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On General Mills

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIS. Values First Advisors Inc. purchased a new position in shares of General Mills during the 3rd quarter worth approximately $27,000. First Foundation Advisors increased its position in General Mills by 400.0% during the second quarter. First Foundation Advisors now owns 500 shares of the company’s stock worth $32,000 after buying an additional 400 shares in the last quarter. Planning Capital Management Corp raised its holdings in shares of General Mills by 61.5% in the third quarter. Planning Capital Management Corp now owns 507 shares of the company’s stock worth $37,000 after acquiring an additional 193 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of General Mills in the second quarter valued at $42,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of General Mills during the third quarter valued at $44,000. Institutional investors and hedge funds own 75.71% of the company’s stock.

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.