Grantham Mayo Van Otterloo & Co. LLC has expanded its investment in General Mills, Inc. (NYSE: GIS) by acquiring an additional 19,259 shares during the second quarter of 2023, reflecting an increase of 8.3% in its position. Following this acquisition, the fund now holds a total of 252,280 shares valued at approximately $13,071,000. This transaction underscores a growing confidence in General Mills amid fluctuating market conditions.
The recent modifications to the ownership of General Mills are not limited to Grantham Mayo. Other institutional investors have also adjusted their stakes. Garde Capital Inc. notably raised its holdings by 101.5%, resulting in ownership of 524 shares worth around $27,000 after purchasing an additional 264 shares. Similarly, Armstrong Advisory Group Inc. entered the scene with a new stake valued at about $32,000. Other firms, including GKV Capital Management Co. Inc., Pingora Partners LLC, and N.E.W. Advisory Services LLC, also acquired or increased their stakes, highlighting a robust interest in General Mills from various hedge funds. Currently, institutional investors and hedge funds own approximately 75.71% of the company’s stock.
Insider Activity and Stock Performance
In related developments, on September 19, 2023, insider Jacqueline Williams-Roll sold 4,000 shares of General Mills stock at an average price of $50.04. The total value of this transaction was $200,160.00, reducing her direct ownership to 66,593 shares, valued at approximately $3,332,313.72. This sale represents a decline of 5.67% in her holdings. Insider ownership currently accounts for 0.30% of the total shares.
General Mills’ stock opened at $47.60 recently, with a market capitalization of $25.39 billion. The company’s financial metrics include a price-to-earnings (PE) ratio of 9.00, a price-to-earnings-growth (PEG) ratio of 1.17, and a beta of -0.04. The firm has a current ratio of 0.66, a quick ratio of 0.40, and a debt-to-equity ratio of 1.28. Over the past year, General Mills’ stock has fluctuated, recording a low of $45.80 and a high of $67.40.
Earnings Report and Future Projections
General Mills recently released its earnings report on September 17, 2023, revealing earnings per share (EPS) of $0.86, surpassing the consensus estimate of $0.82 by $0.04. The company’s revenue for the quarter was $4.52 billion, aligned with analysts’ expectations. Despite this positive performance, General Mills experienced a decline in revenue of 6.8% year-over-year, compared to $1.07 EPS from the same quarter last year. Analysts predict that General Mills will report 4.36 EPS for the current fiscal year.
In addition to its financial performance, General Mills announced a quarterly dividend of $0.61 per share, payable on February 2, 2024, to stockholders of record as of January 9, 2024. This dividend represents an annualized figure of $2.44 and a yield of 5.1%, with a payout ratio currently at 46.12%.
General Mills, headquartered in the United States, is a global leader in producing and marketing branded consumer foods. The company operates across four segments: North America Retail, International, Pet, and North America Foodservice, offering a diverse array of products including cereals, yogurt, soup, meal kits, and frozen goods.
For those interested in tracking further developments or holdings related to General Mills, resources such as Holdings Channel provide up-to-date information on institutional holdings and insider trading activities.
