Sawgrass Asset Management LLC Continues to Hold Position in General Mills, Inc. (GIS)
Sawgrass Asset Management LLC maintained its stake in General Mills, Inc. (NYSE:GIS) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,138 shares of the company’s stock at the end of the 2nd quarter. Sawgrass Asset Management LLC’s holdings in General Mills were worth $1,393,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in General Mills by 1.4% during the second quarter. Vanguard Group Inc. now owns 39,968,232 shares of the company’s stock worth $2,214,240,000 after purchasing an additional 533,919 shares during the period. American Century Companies Inc. boosted its position in General Mills by 7.3% during the second quarter. American Century Companies Inc. now owns 9,745,627 shares of the company’s stock worth $539,908,000 after purchasing an additional 659,156 shares during the period. Morgan Stanley boosted its position in General Mills by 29.4% during the first quarter. Morgan Stanley now owns 7,055,040 shares of the company’s stock worth $416,318,000 after purchasing an additional 1,603,577 shares during the period. Geode Capital Management LLC boosted its position in General Mills by 5.3% during the first quarter. Geode Capital Management LLC now owns 5,814,657 shares of the company’s stock worth $342,642,000 after purchasing an additional 295,119 shares during the period. Finally, Schroder Investment Management Group boosted its position in General Mills by 17.0% during the first quarter. Schroder Investment Management Group now owns 4,541,794 shares of the company’s stock worth $268,283,000 after purchasing an additional 660,726 shares during the period. 69.69% of the stock is owned by hedge funds and other institutional investors.
General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, September 20th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.05). The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.79 billion. General Mills had a net margin of 10.68% and a return on equity of 39.82%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were paid a $0.49 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $1.96 annualized dividend and a yield of 3.78%. General Mills’s dividend payout ratio (DPR) is presently 70.25%.
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A number of brokerages have recently commented on GIS. Zacks Investment Research lowered General Mills from a “hold” rating to a “sell” rating in a report on Monday, October 23rd. Jefferies Group LLC began coverage on General Mills in a report on Friday, October 20th. They set a “hold” rating and a $56.00 price target for the company. Royal Bank Of Canada cut their price target on General Mills from $62.00 to $58.00 and set a “sector perform” rating for the company in a report on Thursday, September 21st. BidaskClub upgraded General Mills from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Finally, Wells Fargo & Company cut their price target on General Mills from $56.00 to $53.00 and set a “market perform” rating for the company in a report on Friday, September 22nd. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the stock. General Mills has a consensus rating of “Hold” and an average price target of $56.60.
General Mills Company Profile
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.
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