Patten & Patten Inc. TN Decreases Holdings in General Mills, Inc. (NYSE:GIS)

Patten & Patten Inc. TN trimmed its holdings in shares of General Mills, Inc. (NYSE:GIS) by 21.5% in the third quarter, Holdings Channel reports. The institutional investor owned 9,819 shares of the company’s stock after selling 2,683 shares during the period. Patten & Patten Inc. TN’s holdings in General Mills were worth $725,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GIS. Values First Advisors Inc. purchased a new stake in General Mills during the 3rd quarter worth about $27,000. RFP Financial Group LLC lifted its holdings in shares of General Mills by 66.3% in the 1st quarter. RFP Financial Group LLC now owns 434 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares during the last quarter. First Foundation Advisors lifted its holdings in shares of General Mills by 400.0% in the 2nd quarter. First Foundation Advisors now owns 500 shares of the company’s stock valued at $32,000 after purchasing an additional 400 shares during the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of General Mills in the 2nd quarter valued at about $38,000. Finally, Beacon Capital Management LLC lifted its holdings in shares of General Mills by 47.5% in the 1st quarter. Beacon Capital Management LLC now owns 559 shares of the company’s stock valued at $39,000 after purchasing an additional 180 shares during the last quarter. 75.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Mills

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 stock was sold at an average price of $68.61, for a total value 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark A. Pallot sold 8,083 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $71.28, for a total value of $576,156.24. Following the sale, the chief accounting officer now owns 14,813 shares of the company’s stock, valued at approximately $1,055,870.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey L. Harmening sold 46,500 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $68.61, for a total value of $3,190,365.00. Following the transaction, the chief executive officer now directly owns 355,328 shares in the company, valued at approximately $24,379,054.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,555 shares of company stock valued at $4,657,676. 0.26% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GIS. Piper Sandler boosted their target price on General Mills from $74.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, September 19th. TD Cowen boosted their target price on General Mills from $72.00 to $75.00 and gave the company a “hold” rating in a report on Friday, September 20th. The Goldman Sachs Group began coverage on General Mills in a report on Monday, August 12th. They issued a “buy” rating and a $76.00 target price for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price objective on shares of General Mills in a research note on Thursday, September 19th. Finally, Wells Fargo & Company upped their price objective on General Mills from $67.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, General Mills currently has a consensus rating of “Hold” and a consensus price target of $73.00.

General Mills Stock Performance

NYSE GIS opened at $64.10 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.39 and a debt-to-equity ratio of 1.20. The business’s 50 day moving average is $71.60 and its two-hundred day moving average is $69.06. General Mills, Inc. has a 12-month low of $61.47 and a 12-month high of $75.90. The stock has a market capitalization of $35.59 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 3.37 and a beta of 0.11.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. General Mills had a return on equity of 26.85% and a net margin of 12.14%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.09 EPS. Research analysts expect that General Mills, Inc. will post 4.51 EPS for the current year.

General Mills Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Thursday, October 10th. General Mills’s payout ratio is currently 57.14%.

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.