General Mills (NYSE:GIS) PT Lowered to $68.00 at Bank of America

General Mills (NYSE:GIS) had its target price reduced by Bank of America from $70.00 to $68.00 in a research note released on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company cut their price target on shares of General Mills from $70.00 to $67.00 and set an equal weight rating on the stock in a research note on Thursday. Stifel Nicolaus lowered their price objective on shares of General Mills from $77.00 to $70.00 and set a buy rating on the stock in a report on Thursday. Royal Bank of Canada reiterated a sector perform rating and issued a $70.00 price objective on shares of General Mills in a report on Thursday. TD Cowen lifted their price objective on shares of General Mills from $68.00 to $70.00 and gave the company a market perform rating in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. lowered their price objective on shares of General Mills from $70.00 to $63.00 and set a neutral rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, General Mills has an average rating of Hold and an average target price of $70.44.

General Mills Stock Performance

Shares of GIS opened at $63.26 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.40 and a current ratio of 0.65. General Mills has a twelve month low of $60.33 and a twelve month high of $77.63. The firm’s 50 day moving average price is $68.51 and its two-hundred day moving average price is $66.75. The firm has a market cap of $35.31 billion, a P/E ratio of 14.68, a PEG ratio of 3.03 and a beta of 0.12.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, June 26th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The firm had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the previous year, the firm posted $1.12 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. On average, analysts forecast that General Mills will post 4.52 EPS for the current fiscal year.

General Mills Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.60 dividend. This is an increase from General Mills’s previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Wednesday, July 10th. General Mills’s payout ratio is currently 55.68%.

Insider Buying and Selling at General Mills

In other General Mills news, insider Werner Lanette Shaffer sold 710 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $70.57, for a total value of $50,104.70. Following the transaction, the insider now directly owns 17,397 shares in the company, valued at $1,227,706.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On General Mills

A number of institutional investors have recently modified their holdings of the business. Abich Financial Wealth Management LLC bought a new stake in shares of General Mills in the first quarter valued at about $134,000. Keynote Financial Services LLC bought a new stake in shares of General Mills in the first quarter valued at about $549,000. Railway Pension Investments Ltd boosted its position in shares of General Mills by 2.6% in the first quarter. Railway Pension Investments Ltd now owns 735,490 shares of the company’s stock valued at $51,462,000 after acquiring an additional 18,900 shares during the period. Aurora Investment Counsel bought a new stake in shares of General Mills in the first quarter valued at about $916,000. Finally, Pathway Financial Advisers LLC bought a new stake in shares of General Mills in the first quarter valued at about $463,000. Institutional investors own 75.71% of the company’s stock.

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 salty snacks, ice cream and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.