Estabrook Capital Management Lowers Position in General Mills, Inc. (NYSE:GIS)

Estabrook Capital Management decreased its position in shares of General Mills, Inc. (NYSE:GIS) by 46.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,400 shares of the company’s stock after selling 1,200 shares during the period. Estabrook Capital Management’s holdings in General Mills were worth $89,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC grew its stake in General Mills by 199.3% in the first quarter. Rise Advisors LLC now owns 410 shares of the company’s stock worth $29,000 after purchasing an additional 273 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of General Mills by 409.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 418 shares of the company’s stock valued at $29,000 after buying an additional 336 shares in the last quarter. Fortis Group Advisors LLC grew its position in shares of General Mills by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 458 shares of the company’s stock worth $30,000 after buying an additional 229 shares during the period. RFP Financial Group LLC increased its stake in shares of General Mills by 66.3% in the 1st quarter. RFP Financial Group LLC now owns 434 shares of the company’s stock worth $30,000 after acquiring an additional 173 shares in the last quarter. Finally, Perkins Coie Trust Co lifted its position in General Mills by 769.2% during the 1st quarter. Perkins Coie Trust Co now owns 452 shares of the company’s stock valued at $32,000 after acquiring an additional 400 shares during the period. Institutional investors own 75.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of General Mills from $67.00 to $75.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th. Piper Sandler raised their price objective on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday. Evercore ISI lowered their price objective on General Mills from $76.00 to $72.00 and set an “in-line” rating for the company in a research note on Friday, June 28th. The Goldman Sachs Group assumed coverage on General Mills in a research note on Monday, August 12th. They issued a “buy” rating and a $76.00 target price on the stock. Finally, TD Cowen lifted their price target on General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.73.

General Mills Stock Performance

Shares of NYSE GIS opened at $74.51 on Friday. The firm’s 50-day moving average price is $69.92 and its 200-day moving average price is $68.54. General Mills, Inc. has a 52-week low of $60.33 and a 52-week high of $75.90. The company has a market cap of $41.59 billion, a PE ratio of 17.29, a PEG ratio of 3.86 and a beta of 0.10. The company has a quick ratio of 0.38, a current ratio of 0.65 and a debt-to-equity ratio of 1.17.

General Mills (NYSE:GIS) last issued 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 company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted $1.09 earnings per share. As a group, analysts anticipate that General Mills, Inc. will post 4.5 EPS for the current year.

General Mills Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a $0.60 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.40 annualized dividend and a dividend yield of 3.22%. This is a positive change from General Mills’s previous quarterly dividend of $0.59. General Mills’s payout ratio is presently 55.68%.

General Mills 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.