Drive Wealth Management LLC Acquires 407 Shares of General Mills, Inc. (NYSE:GIS)

Drive Wealth Management LLC boosted its stake in General Mills, Inc. (NYSE:GIS) by 10.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,231 shares of the company’s stock after purchasing an additional 407 shares during the quarter. Drive Wealth Management LLC’s holdings in General Mills were worth $312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Capital Research Global Investors increased its position in General Mills by 22.3% in the 1st quarter. Capital Research Global Investors now owns 13,650,388 shares of the company’s stock valued at $955,118,000 after buying an additional 2,488,341 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of General Mills by 6.1% during the second quarter. Legal & General Group Plc now owns 5,629,943 shares of the company’s stock valued at $356,151,000 after acquiring an additional 323,090 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of General Mills by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,413,585 shares of the company’s stock worth $342,478,000 after purchasing an additional 148,235 shares during the period. American Century Companies Inc. lifted its holdings in shares of General Mills by 100.4% in the 2nd quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock worth $299,138,000 after purchasing an additional 2,368,563 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in General Mills by 2.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,560,066 shares of the company’s stock valued at $225,210,000 after purchasing an additional 76,074 shares during the period. 75.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Jeffrey L. Harmening sold 46,500 shares of the company’s stock in a transaction that occurred on 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 owns 355,328 shares of the company’s stock, valued at approximately $24,379,054.08. This represents a 11.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Mn Sharma sold 2,325 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.63, for a total transaction of $173,514.75. Following the completion of the transaction, the insider now directly owns 36,184 shares of the company’s stock, valued at approximately $2,700,411.92. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,555 shares of company stock valued at $4,657,676. Corporate insiders own 0.26% of the company’s stock.

General Mills Stock Down 0.5 %

Shares of NYSE GIS opened at $62.88 on Tuesday. The business’s fifty day moving average price is $70.42 and its 200-day moving average price is $68.78. General Mills, Inc. has a one year low of $61.47 and a one year high of $75.90. The stock has a market capitalization of $34.91 billion, a PE ratio of 14.97, a P/E/G ratio of 3.25 and a beta of 0.11. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.66 and a quick ratio of 0.39.

General Mills (NYSE:GIS) last posted 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. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. General Mills had a net margin of 12.14% and a return on equity of 26.85%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 earnings per share. On average, equities research analysts anticipate that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s dividend payout ratio (DPR) is presently 57.14%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GIS. Citigroup lifted their price objective on shares of General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Wells Fargo & Company decreased their price objective on General Mills from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday. Bank of America raised their target price on General Mills from $68.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Piper Sandler upped their price target on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. Finally, The Goldman Sachs Group initiated coverage on General Mills in a research note on Monday, August 12th. They set a “buy” rating and a $76.00 price objective on the stock. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, General Mills presently has a consensus rating of “Hold” and an average target price of $72.67.

General Mills 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.