Bank of America Issues Pessimistic Forecast for General Mills (NYSE:GIS) Stock Price

General Mills (NYSE:GIS) had its price target decreased by research analysts at Bank of America from $70.00 to $68.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 15.68% from the company’s current price.

GIS has been the topic of several other reports. Piper Sandler reduced their price objective on General Mills from $84.00 to $71.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Citigroup reduced their price objective on General Mills from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. JPMorgan Chase & Co. dropped their target price on General Mills from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 target price on shares of General Mills in a report on Monday, March 17th. Finally, Stifel Nicolaus dropped their target price on General Mills from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $66.53.

General Mills Stock Up 0.8 %

Shares of NYSE:GIS opened at $58.78 on Thursday. The firm has a market cap of $32.40 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.94 and a beta of 0.06. General Mills has a 12-month low of $55.15 and a 12-month high of $75.90. The company has a current ratio of 0.92, a quick ratio of 0.67 and a debt-to-equity ratio of 1.32. The stock’s 50-day moving average price is $60.00 and its two-hundred day moving average price is $65.28.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, March 19th. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.04. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.99 billion. General Mills had a return on equity of 27.55% and a net margin of 13.08%. The company’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. On average, research analysts forecast that General Mills will post 4.36 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jeffrey L. Harmening sold 11,379 shares of General Mills stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $65.00, for a total value of $739,635.00. Following the completion of the transaction, the chief executive officer now owns 353,346 shares in the company, valued at approximately $22,967,490. This trade represents a 3.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. RFG Advisory LLC grew its position in shares of General Mills by 2.6% in the 4th quarter. RFG Advisory LLC now owns 6,668 shares of the company’s stock worth $425,000 after acquiring an additional 172 shares in the last quarter. TCW Group Inc. grew its position in shares of General Mills by 0.8% in the 4th quarter. TCW Group Inc. now owns 23,061 shares of the company’s stock worth $1,471,000 after acquiring an additional 194 shares in the last quarter. Quadrant Private Wealth Management LLC grew its position in shares of General Mills by 3.7% in the 4th quarter. Quadrant Private Wealth Management LLC now owns 5,579 shares of the company’s stock worth $356,000 after acquiring an additional 197 shares in the last quarter. Howard Capital Management Inc. grew its position in shares of General Mills by 5.3% in the 4th quarter. Howard Capital Management Inc. now owns 3,916 shares of the company’s stock worth $250,000 after acquiring an additional 198 shares in the last quarter. Finally, LRI Investments LLC boosted its position in General Mills by 5.9% during the 3rd quarter. LRI Investments LLC now owns 3,593 shares of the company’s stock valued at $265,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 75.71% 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.