Cannon Financial Strategists Inc. Invests $559,000 in General Mills, Inc. (NYSE:GIS)

Cannon Financial Strategists Inc. bought a new position in General Mills, Inc. (NYSE:GIS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,833 shares of the company’s stock, valued at approximately $559,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in shares of General Mills in the second quarter worth about $3,202,000. Birmingham Capital Management Co. Inc. AL boosted its position in shares of General Mills by 1.9% in the second quarter. Birmingham Capital Management Co. Inc. AL now owns 13,640 shares of the company’s stock worth $863,000 after buying an additional 250 shares during the period. Dana Investment Advisors Inc. boosted its position in shares of General Mills by 1.5% in the second quarter. Dana Investment Advisors Inc. now owns 132,059 shares of the company’s stock worth $8,354,000 after buying an additional 1,937 shares during the period. Heartland Bank & Trust Co boosted its position in shares of General Mills by 4.4% in the second quarter. Heartland Bank & Trust Co now owns 7,768 shares of the company’s stock worth $491,000 after buying an additional 328 shares during the period. Finally, Pathway Financial Advisers LLC boosted its holdings in General Mills by 2.6% in the second quarter. Pathway Financial Advisers LLC now owns 6,789 shares of the company’s stock valued at $428,000 after purchasing an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 75.71% of the company’s stock.

Wall Street Analysts Forecast Growth

GIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on General Mills from $70.00 to $63.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Bank of America increased their price target on General Mills from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. TD Cowen increased their target price on General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Citigroup increased their target price on General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Finally, Evercore ISI reduced their target price on General Mills from $76.00 to $72.00 and set an “in-line” rating on the stock in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $72.73.

General Mills Stock Up 1.0 %

Shares of General Mills stock opened at $74.62 on Wednesday. General Mills, Inc. has a twelve month low of $60.33 and a twelve month high of $75.90. The company has a current ratio of 0.66, a quick ratio of 0.39 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $41.65 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 3.82 and a beta of 0.10. The business’s 50 day simple moving average is $71.30 and its 200-day simple moving average is $68.98.

General Mills (NYSE:GIS) last posted its earnings results on Wednesday, September 18th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.06 by $0.01. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the firm earned $1.09 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year. Equities research analysts forecast that General Mills, Inc. will post 4.51 earnings per share for the current year.

General Mills Dividend Announcement

The company 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 dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Thursday, October 10th. General Mills’s payout ratio is currently 55.68%.

Insider Buying and Selling at General Mills

In other General Mills news, insider Pankaj Mn Sharma sold 2,325 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.63, for a total transaction of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other General Mills news, insider Pankaj Mn Sharma sold 2,325 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.63, for a total transaction of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jonathon Nudi sold 9,647 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $74.39, for a total value of $717,640.33. Following the transaction, the insider now directly owns 128,664 shares of the company’s stock, valued at $9,571,314.96. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

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.