General Mills (NYSE:GIS) Shares Gap Down to $53.70

General Mills, Inc. (NYSE:GIS)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $57.01, but opened at $53.70. General Mills shares last traded at $51.31, with a volume of 15,487,362 shares changing hands.

Several brokerages recently issued reports on GIS. Evercore ISI began coverage on shares of General Mills in a research note on Tuesday, June 11th. They issued an “in-line” rating and a $56.00 target price for the company. Bank of America reiterated a “neutral” rating and issued a $49.00 target price on shares of General Mills in a research note on Friday, May 17th. Goldman Sachs Group downgraded shares of General Mills from a “neutral” rating to a “sell” rating and set a $41.00 target price for the company. in a research note on Tuesday, May 28th. Wells Fargo & Co raised their target price on shares of General Mills from $53.00 to $56.00 and gave the company a “positive” rating in a research note on Friday, March 22nd. Finally, Morgan Stanley raised their target price on shares of General Mills from $41.00 to $49.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $50.16.

The company has a market capitalization of $32.14 billion, a PE ratio of 16.50, a P/E/G ratio of 2.29 and a beta of 0.75. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.55 and a quick ratio of 0.35. The stock’s fifty day moving average price is $52.06.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, June 26th. The company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.07. The firm had revenue of $4.16 billion for the quarter, compared to analysts’ expectations of $4.24 billion. General Mills had a net margin of 9.26% and a return on equity of 28.11%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 EPS. On average, equities research analysts predict that General Mills, Inc. will post 3.15 EPS for the current year.

In other General Mills news, Director R Kerry Clark sold 14,836 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $51.57, for a total value of $765,092.52. Following the transaction, the director now directly owns 62,211 shares of the company’s stock, valued at approximately $3,208,221.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John R. Church sold 4,719 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $50.78, for a total transaction of $239,630.82. Following the completion of the transaction, the insider now directly owns 34,112 shares in the company, valued at $1,732,207.36. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Legacy Advisors LLC bought a new position in General Mills in the first quarter valued at approximately $31,000. Certified Advisory Corp increased its stake in General Mills by 100.9% in the first quarter. Certified Advisory Corp now owns 643 shares of the company’s stock valued at $33,000 after acquiring an additional 323 shares during the last quarter. Meridian Wealth Management LLC bought a new position in General Mills in the first quarter valued at approximately $35,000. Thor Advisors LLC bought a new position in General Mills in the first quarter valued at approximately $40,000. Finally, Penserra Capital Management LLC acquired a new stake in General Mills in the first quarter valued at approximately $40,000. 69.77% of the stock is currently owned by institutional investors.

General Mills Company Profile (NYSE:GIS)

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.

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