Chesapeake Capital Corp IL Takes Position in General Mills, Inc. (NYSE:GIS)

Chesapeake Capital Corp IL acquired a new stake in shares of General Mills, Inc. (NYSE:GIS) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,450 shares of the company’s stock, valued at approximately $772,000.

A number of other hedge funds also recently made changes to their positions in the company. Mesirow Financial Investment Management Inc. raised its stake in shares of General Mills by 1.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 13,532 shares of the company’s stock valued at $999,000 after purchasing an additional 148 shares during the period. Deseret Mutual Benefit Administrators raised its stake in shares of General Mills by 4.9% during the second quarter. Deseret Mutual Benefit Administrators now owns 3,261 shares of the company’s stock valued at $206,000 after purchasing an additional 151 shares during the period. Secure Asset Management LLC increased its stake in shares of General Mills by 5.0% in the second quarter. Secure Asset Management LLC now owns 3,305 shares of the company’s stock worth $209,000 after buying an additional 157 shares during the last quarter. LCM Capital Management Inc increased its stake in shares of General Mills by 1.9% in the second quarter. LCM Capital Management Inc now owns 8,521 shares of the company’s stock worth $539,000 after buying an additional 157 shares during the last quarter. Finally, Ballentine Partners LLC increased its stake in shares of General Mills by 1.1% in the third quarter. Ballentine Partners LLC now owns 14,854 shares of the company’s stock worth $1,097,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 75.71% of the company’s stock.

General Mills Stock Performance

Shares of GIS opened at $63.21 on Friday. General Mills, Inc. has a 1 year low of $61.47 and a 1 year high of $75.90. The company has a market cap of $35.09 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 3.25 and a beta of 0.11. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.39 and a current ratio of 0.66. The firm has a fifty day moving average of $70.67 and a 200-day moving average of $68.84.

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

General Mills Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s dividend payout ratio (DPR) is 57.14%.

Insider Activity at General Mills

In related news, CEO Jeffrey L. Harmening sold 46,500 shares of General Mills stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $68.61, for a total transaction of $3,190,365.00. Following the sale, the chief executive officer now directly owns 355,328 shares in the company, valued at $24,379,054.08. The trade was a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pankaj Mn Sharma sold 2,325 shares of General Mills stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.63, for a total transaction of $173,514.75. Following the sale, the insider now owns 36,184 shares in the company, valued at approximately $2,700,411.92. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,555 shares of company stock worth $4,657,676 over the last ninety days. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GIS has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price target on shares of General Mills from $77.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday. TD Cowen lifted their price target on shares of General Mills from $72.00 to $75.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Piper Sandler lifted their price target on shares of General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, September 19th. Citigroup lifted their price target on shares of General Mills from $68.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their price target on shares of General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $72.67.

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.