Lehman & Derafelo Financial Resources LLC Takes Position in General Mills, Inc. (NYSE:GIS)
Lehman & Derafelo Financial Resources LLC acquired a new stake in shares of General Mills, Inc. (NYSE:GIS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,716 shares of the company’s stock, valued at approximately $229,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC grew its stake in General Mills by 3.3% in the 2nd quarter. Perigon Wealth Management LLC now owns 14,672 shares of the company’s stock valued at $905,000 after purchasing an additional 475 shares during the period. Main Street Research LLC grew its stake in General Mills by 6.3% in the 2nd quarter. Main Street Research LLC now owns 258,067 shares of the company’s stock valued at $15,910,000 after purchasing an additional 15,348 shares during the period. Pacer Advisors Inc. grew its stake in General Mills by 155.5% in the 2nd quarter. Pacer Advisors Inc. now owns 65,599 shares of the company’s stock valued at $4,044,000 after purchasing an additional 39,923 shares during the period. GWM Advisors LLC grew its stake in General Mills by 26.7% in the 2nd quarter. GWM Advisors LLC now owns 47,371 shares of the company’s stock valued at $2,920,000 after purchasing an additional 9,984 shares during the period. Finally, Cornerstone Advisors Inc. grew its stake in General Mills by 17.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 2,506 shares of the company’s stock valued at $154,000 after purchasing an additional 366 shares during the period. Hedge funds and other institutional investors own 70.52% of the company’s stock.
A number of research analysts have issued reports on the company. Jefferies Financial Group upped their price objective on General Mills from $56.00 to $61.00 and gave the company a “positive” rating in a research note on Thursday, May 21st. Wells Fargo & Co upped their price objective on General Mills from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. ValuEngine downgraded General Mills from a “hold” rating to a “sell” rating in a research note on Monday, June 8th. Piper Sandler reaffirmed a “buy” rating and set a $71.00 price target on shares of General Mills in a research report on Tuesday, June 30th. Finally, Deutsche Bank upped their price target on General Mills from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $62.18.
General Mills (NYSE:GIS) last announced its quarterly earnings data on Wednesday, July 1st. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.06 by $0.04. General Mills had a return on equity of 27.66% and a net margin of 12.37%. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.98 billion. During the same period in the prior year, the company earned $0.83 EPS. The company’s revenue was up 20.7% on a year-over-year basis. Research analysts expect that General Mills, Inc. will post 3.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be given a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Thursday, July 9th. General Mills’s payout ratio is 54.29%.
In other General Mills news, insider Jodi J. Benson sold 2,667 shares of the stock in a transaction dated Wednesday, July 15th. The stock was sold at an average price of $65.05, for a total transaction of $173,488.35. Following the sale, the insider now directly owns 42,723 shares of the company’s stock, valued at approximately $2,779,131.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Richard C. Allendorf sold 13,897 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $64.72, for a total value of $899,413.84. Following the sale, the general counsel now directly owns 98,562 shares in the company, valued at $6,378,932.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,711 shares of company stock worth $3,920,384. 0.52% of the stock is owned by insiders.
General Mills Company Profile
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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