Dynamic Capital Management Ltd Reduces Position in General Mills, Inc. (GIS)
Dynamic Capital Management Ltd cut its position in shares of General Mills, Inc. (NYSE:GIS) by 80.7% during the first quarter, Holdings Channel reports. The institutional investor owned 5,565 shares of the company’s stock after selling 23,269 shares during the period. Dynamic Capital Management Ltd’s holdings in General Mills were worth $328,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. increased its stake in General Mills by 3.1% in the first quarter. American Century Companies Inc. now owns 9,086,471 shares of the company’s stock worth $536,193,000 after buying an additional 269,906 shares during the last quarter. Morgan Stanley increased its stake in General Mills by 29.4% in the first quarter. Morgan Stanley now owns 7,055,040 shares of the company’s stock worth $416,318,000 after buying an additional 1,603,577 shares during the last quarter. Bank of New York Mellon Corp increased its stake in General Mills by 26.1% in the first quarter. Bank of New York Mellon Corp now owns 7,013,411 shares of the company’s stock worth $413,862,000 after buying an additional 1,449,632 shares during the last quarter. Geode Capital Management LLC increased its stake in General Mills by 5.3% in the first quarter. Geode Capital Management LLC now owns 5,814,657 shares of the company’s stock worth $342,642,000 after buying an additional 295,119 shares during the last quarter. Finally, APG Asset Management N.V. increased its stake in General Mills by 0.6% in the first quarter. APG Asset Management N.V. now owns 4,728,629 shares of the company’s stock worth $279,036,000 after buying an additional 26,500 shares during the last quarter. 70.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Mills, Inc. (GIS) traded up 0.36% during midday trading on Thursday, hitting $55.97. The stock had a trading volume of 347,466 shares. The stock has a market cap of $32.30 billion, a price-to-earnings ratio of 20.21 and a beta of 0.61. General Mills, Inc. has a 1-year low of $53.24 and a 1-year high of $71.96. The firm’s 50-day moving average price is $54.98 and its 200-day moving average price is $58.01.
General Mills (NYSE:GIS) last released its earnings results on Wednesday, June 28th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. General Mills had a return on equity of 38.97% and a net margin of 10.61%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the previous year, the company posted $0.66 EPS. General Mills’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts forecast that General Mills, Inc. will post $3.11 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Thursday, July 6th. This is a positive change from General Mills’s previous quarterly dividend of $0.48. General Mills’s payout ratio is 70.76%.
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A number of analysts have recently weighed in on the company. Royal Bank Of Canada cut their target price on General Mills from $65.00 to $62.00 and set a “sector perform” rating for the company in a research report on Thursday, June 29th. BMO Capital Markets reiterated a “hold” rating on shares of General Mills in a research report on Tuesday. UBS AG reiterated a “neutral” rating and set a $58.00 target price (down from $61.00) on shares of General Mills in a research report on Friday, June 30th. Zacks Investment Research downgraded General Mills from a “hold” rating to a “sell” rating in a research report on Wednesday, May 24th. Finally, Piper Jaffray Companies restated an “underweight” rating and set a $56.00 price objective (down from $57.00) on shares of General Mills in a research report on Monday, June 19th. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $59.93.
About General Mills
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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