Grantham Mayo Van Otterloo & Co. LLC has expanded its investment in General Mills, Inc. (NYSE: GIS), boosting its holdings by 8.3% during the second quarter of 2023. The investment firm now owns 252,280 shares of General Mills, valued at approximately $13,071,000 following the acquisition of an additional 19,259 shares during the quarter.
This move aligns with a broader trend among institutional investors, as several hedge funds have recently adjusted their positions in General Mills. For instance, Garde Capital Inc. has increased its stake by an impressive 101.5%, now owning 524 shares valued at $27,000 after purchasing an additional 264 shares. Similarly, Armstrong Advisory Group Inc. entered the market with a new stake worth about $32,000, while GKV Capital Management Co. Inc. acquired shares valued at approximately $34,000 earlier in the year.
Other notable increases include Pingora Partners LLC, which raised its holdings by 416.7% and now possesses 620 shares valued at $37,000. N.E.W. Advisory Services LLC also made a new investment worth around $41,000. Overall, institutional investors and hedge funds hold approximately 75.71% of General Mills’ stock.
Recent Insider Activity
In related developments, insider Jacqueline Williams-Roll sold 4,000 shares of General Mills on September 19, 2023, at an average price of $50.04, resulting in a total transaction value of $200,160. Following this sale, Williams-Roll now holds 66,593 shares valued at approximately $3,332,313.72, marking a 5.67% reduction in her ownership.
The sale was officially disclosed in a filing with the Securities and Exchange Commission, where it was noted that 0.30% of the stock is owned by insiders.
General Mills Performance and Future Outlook
As of the latest trading session, General Mills’ stock opened at $47.60. The company has a market capitalization of $25.39 billion, a price-to-earnings (P/E) ratio of 9.00, and a price-to-earnings-growth (PEG) ratio of 1.17. The stock has exhibited some volatility, with a 50-day moving average price of $48.24 and a 200-day moving average of $50.33. Over the past year, General Mills has experienced a low of $45.80 and a high of $67.40.
The company recently reported its earnings for the quarter ending September 17, 2023, revealing an earnings per share (EPS) of $0.86, exceeding analyst expectations of $0.82 by $0.04. The business generated revenue of $4.52 billion, which matched analysts’ forecasts. Despite these positive results, General Mills’ revenue reflects a 6.8% decline compared to the same quarter last year, when the firm reported an EPS of $1.07.
Looking ahead, analysts project that General Mills will achieve an annual EPS of $4.36.
Additionally, the company has announced a quarterly dividend of $0.61 per share, scheduled for payment on February 2, 2024. Shareholders of record as of January 9, 2024, will receive the dividend, which translates to an annualized payout of $2.44 and a yield of 5.1%. The current payout ratio stands at 46.12%.
General Mills, headquartered in the United States, manufactures and markets a wide range of branded consumer foods, operating through segments that include North America Retail, International, Pet, and North America Foodservice. The company offers products such as cereals, yogurt, soup, meal kits, and frozen foods, catering to diverse consumer needs across global markets.
For more insights into General Mills and its stakeholders, users can visit HoldingsChannel.com for the latest filings and insider trading information.
