Bank of America Has Lowered Expectations for General Mills (NYSE:GIS) Stock Price

General Mills (NYSE:GIS) had its target price lowered by Bank of America from $70.00 to $68.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 15.68% from the stock’s previous close.

A number of other brokerages have also issued reports on GIS. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price target on shares of General Mills in a research report on Monday, March 17th. Piper Sandler reduced their price target on General Mills from $84.00 to $71.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on General Mills from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Stifel Nicolaus reduced their price target on General Mills from $72.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on General Mills from $83.00 to $82.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.53.

General Mills Trading Up 0.8 %

NYSE:GIS opened at $58.78 on Thursday. General Mills has a 12-month low of $55.15 and a 12-month high of $75.90. The firm has a market capitalization of $32.40 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.94 and a beta of 0.06. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.92 and a quick ratio of 0.67. The business has a 50 day simple moving average of $60.00 and a 200 day simple moving average of $65.28.

General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, March 19th. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. General Mills had a return on equity of 27.55% and a net margin of 13.08%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the firm posted $1.17 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts predict that General Mills will post 4.36 EPS for the current year.

Insider Transactions at General Mills

In other news, CEO Jeffrey L. Harmening sold 11,379 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $65.00, for a total transaction of $739,635.00. Following the sale, the chief executive officer now directly owns 353,346 shares of the company’s stock, valued at $22,967,490. The trade was a 3.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is owned by insiders.

Institutional Investors Weigh In On General Mills

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in General Mills during the fourth quarter valued at $496,484,000. Nordea Investment Management AB raised its position in General Mills by 64.5% during the fourth quarter. Nordea Investment Management AB now owns 7,803,046 shares of the company’s stock valued at $497,054,000 after buying an additional 3,058,414 shares during the period. JPMorgan Chase & Co. raised its position in General Mills by 105.2% during the third quarter. JPMorgan Chase & Co. now owns 5,708,223 shares of the company’s stock valued at $421,552,000 after buying an additional 2,926,232 shares during the period. State Street Corp raised its position in General Mills by 9.4% during the third quarter. State Street Corp now owns 33,502,737 shares of the company’s stock valued at $2,474,177,000 after buying an additional 2,867,678 shares during the period. Finally, Ameriprise Financial Inc. raised its position in General Mills by 34.5% during the fourth quarter. Ameriprise Financial Inc. now owns 9,123,387 shares of the company’s stock valued at $581,903,000 after buying an additional 2,341,137 shares during the period. 75.71% of the stock is owned by institutional investors and hedge funds.

General Mills Company 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.