Savoir Faire Capital Management L.P. Reduces Position in General Mills, Inc. (NYSE:GIS)

Savoir Faire Capital Management L.P. trimmed its holdings in shares of General Mills, Inc. (NYSE:GIS) by 55.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,953 shares of the company’s stock after selling 65,780 shares during the quarter. General Mills accounts for about 2.0% of Savoir Faire Capital Management L.P.’s investment portfolio, making the stock its 25th biggest position. Savoir Faire Capital Management L.P.’s holdings in General Mills were worth $3,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of GIS. Capital Research Global Investors increased its position in shares of General Mills by 22.3% during the first quarter. Capital Research Global Investors now owns 13,650,388 shares of the company’s stock worth $955,118,000 after acquiring an additional 2,488,341 shares during the last quarter. American Century Companies Inc. increased its holdings in General Mills by 100.4% in the second quarter. American Century Companies Inc. now owns 4,728,710 shares of the company’s stock valued at $299,138,000 after buying an additional 2,368,563 shares during the last quarter. Wulff Hansen & CO. increased its holdings in General Mills by 6,140.4% in the second quarter. Wulff Hansen & CO. now owns 945,421 shares of the company’s stock valued at $59,807,000 after buying an additional 930,271 shares during the last quarter. Swedbank AB bought a new stake in General Mills in the first quarter valued at about $36,177,000. Finally, International Assets Investment Management LLC increased its holdings in General Mills by 6,114.0% in the third quarter. International Assets Investment Management LLC now owns 450,451 shares of the company’s stock valued at $33,266,000 after buying an additional 443,202 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at General Mills

In other General Mills news, insider Jonathon Nudi sold 9,647 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $74.39, for a total transaction of $717,640.33. Following the sale, the insider now directly owns 128,664 shares in the company, valued at approximately $9,571,314.96. This trade represents a 6.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Pankaj Mn Sharma sold 2,325 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was 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 $2,700,411.92. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,555 shares of company stock worth $4,657,676. Insiders own 0.26% of the company’s stock.

General Mills Stock Performance

NYSE:GIS opened at $62.88 on Tuesday. The firm has a market capitalization of $34.91 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 3.25 and a beta of 0.11. The firm has a 50-day moving average price of $70.42 and a 200 day moving average price of $68.78. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. General Mills, Inc. has a 12-month low of $61.47 and a 12-month high of $75.90.

General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, topping 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 analyst estimates of $4.80 billion. During the same quarter last year, the business posted $1.09 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Research analysts anticipate that General Mills, Inc. will post 4.51 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s dividend payout ratio is presently 57.14%.

Analysts Set New Price Targets

A number of brokerages have commented on GIS. Barclays lifted their target price on General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. upped their target price on General Mills from $63.00 to $67.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Stifel Nicolaus upped their target price on General Mills from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. TD Cowen upped their price target on General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Piper Sandler boosted their target price on shares of General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $72.67.

About General Mills

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.