Sawgrass Asset Management LLC Decreases Stock Holdings in General Mills, Inc. (NYSE:GIS)

Sawgrass Asset Management LLC trimmed its position in shares of General Mills, Inc. (NYSE:GIS) by 1.0% during the 2nd quarter, Holdings Channel reports. The fund owned 19,150 shares of the company’s stock after selling 200 shares during the period. Sawgrass Asset Management LLC’s holdings in General Mills were worth $1,006,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Advisors LLC purchased a new stake in General Mills during the 1st quarter valued at $31,000. Certified Advisory Corp raised its holdings in General Mills by 100.9% during the 1st quarter. Certified Advisory Corp now owns 643 shares of the company’s stock valued at $33,000 after buying an additional 323 shares during the period. NuWave Investment Management LLC raised its holdings in General Mills by 377.4% during the 2nd quarter. NuWave Investment Management LLC now owns 635 shares of the company’s stock valued at $33,000 after buying an additional 502 shares during the period. CX Institutional raised its holdings in General Mills by 74.2% during the 2nd quarter. CX Institutional now owns 655 shares of the company’s stock valued at $34,000 after buying an additional 279 shares during the period. Finally, Meridian Wealth Management LLC purchased a new stake in General Mills during the 1st quarter valued at $35,000. 69.41% of the stock is currently owned by institutional investors and hedge funds.

General Mills stock traded down $0.65 during mid-day trading on Friday, hitting $53.36. The company’s stock had a trading volume of 151,989 shares, compared to its average volume of 3,391,609. The company has a 50 day simple moving average of $53.35. The company has a market capitalization of $32.54 billion, a PE ratio of 16.63, a PEG ratio of 2.28 and a beta of 0.77. The company has a current ratio of 0.59, a quick ratio of 0.37 and a debt-to-equity ratio of 1.58. General Mills, Inc. has a one year low of $36.42 and a one year high of $54.74.

General Mills (NYSE:GIS) last posted its quarterly earnings results on Wednesday, June 26th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. General Mills had a return on equity of 27.67% and a net margin of 10.39%. The business had revenue of $4.16 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.79 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. Analysts expect that General Mills, Inc. will post 3.37 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Tuesday, July 9th. General Mills’s payout ratio is 60.87%.

Several analysts recently weighed in on GIS shares. Bank of America restated a “neutral” rating and set a $49.00 price target on shares of General Mills in a report on Friday, May 17th. Goldman Sachs Group lowered General Mills from a “neutral” rating to a “sell” rating and set a $41.00 price target on the stock. in a report on Tuesday, May 28th. UBS Group increased their price target on General Mills from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, June 27th. Evercore ISI assumed coverage on General Mills in a report on Tuesday, June 11th. They set an “in-line” rating and a $56.00 price target on the stock. Finally, Guggenheim upped their price objective on General Mills from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. General Mills currently has an average rating of “Hold” and an average price target of $52.66.

About General Mills

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

Further Reading: Cost of Goods Sold (COGS)

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Institutional Ownership by Quarter for General Mills (NYSE:GIS)

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