General Mills, Inc. (GIS) Stake Lowered by Evercore Wealth Management LLC
Evercore Wealth Management LLC reduced its stake in General Mills, Inc. (NYSE:GIS) by 12.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,079 shares of the company’s stock after selling 2,634 shares during the quarter. Evercore Wealth Management LLC’s holdings in General Mills were worth $819,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Ally Financial Inc. lifted its holdings in shares of General Mills by 15.0% in the 3rd quarter. Ally Financial Inc. now owns 23,000 shares of the company’s stock worth $987,000 after acquiring an additional 3,000 shares during the last quarter. WEALTHFRONT Corp acquired a new position in shares of General Mills in the 3rd quarter worth approximately $607,000. Woodley Farra Manion Portfolio Management Inc. lifted its holdings in shares of General Mills by 1.7% in the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 633,819 shares of the company’s stock worth $27,204,000 after acquiring an additional 10,884 shares during the last quarter. First Republic Investment Management Inc. lifted its holdings in shares of General Mills by 9.0% in the 3rd quarter. First Republic Investment Management Inc. now owns 86,272 shares of the company’s stock worth $3,703,000 after acquiring an additional 7,137 shares during the last quarter. Finally, InterOcean Capital LLC lifted its holdings in shares of General Mills by 6.5% in the 3rd quarter. InterOcean Capital LLC now owns 18,624 shares of the company’s stock worth $799,000 after acquiring an additional 1,136 shares during the last quarter. Hedge funds and other institutional investors own 68.67% of the company’s stock.
Several equities analysts have recently commented on GIS shares. ValuEngine upgraded shares of General Mills from a “strong sell” rating to a “sell” rating in a report on Thursday, October 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.00 price objective on shares of General Mills in a report on Monday, September 17th. Credit Suisse Group set a $46.00 price objective on shares of General Mills and gave the stock a “hold” rating in a report on Wednesday, September 19th. Piper Jaffray Companies set a $47.00 price objective on shares of General Mills and gave the stock a “hold” rating in a report on Wednesday, September 19th. Finally, Bank of America cut their target price on shares of General Mills from $49.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.06.
General Mills (NYSE:GIS) last announced its earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.07. General Mills had a net margin of 13.19% and a return on equity of 31.84%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the prior year, the firm earned $0.71 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, research analysts forecast that General Mills, Inc. will post 3.07 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Wednesday, January 9th. General Mills’s payout ratio is currently 63.02%.
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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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