Lincoln National Corp reduced its stake in shares of General Mills (NYSE:GIS) by 52.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,145 shares of the company’s stock after selling 8,976 shares during the quarter. Lincoln National Corp’s holdings in General Mills were worth $367,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of GIS. Avestar Capital LLC bought a new stake in shares of General Mills during the fourth quarter valued at about $100,000. Truewealth LLC bought a new stake in shares of General Mills during the fourth quarter valued at about $119,000. Financial Gravity Companies Inc. bought a new stake in shares of General Mills during the fourth quarter valued at about $131,000. Delpha Capital Management LLC bought a new stake in shares of General Mills during the fourth quarter valued at about $161,000. Finally, Front Row Advisors LLC bought a new stake in shares of General Mills during the fourth quarter valued at about $166,000. Institutional investors and hedge funds own 74.65% of the company’s stock.
Shares of General Mills opened at $41.93 on Wednesday, MarketBeat.com reports. The company has a current ratio of 0.69, a quick ratio of 0.45 and a debt-to-equity ratio of 1.34. General Mills has a 52 week low of $41.01 and a 52 week high of $60.69. The stock has a market capitalization of $23.77 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.82 and a beta of 0.76.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Monday, April 9th. This represents a $1.96 annualized dividend and a yield of 4.67%. General Mills’s payout ratio is presently 63.64%.
General Mills announced that its board has initiated a stock buyback program on Friday, February 23rd that authorizes the company to buyback outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently weighed in on GIS. Susquehanna Bancshares set a $50.00 price objective on shares of General Mills and gave the company a “buy” rating in a research note on Monday. Barclays restated a “hold” rating and set a $48.00 price objective on shares of General Mills in a research note on Friday, March 23rd. UBS upgraded shares of General Mills from a “neutral” rating to a “positive” rating in a research note on Friday, March 23rd. Goldman Sachs upgraded shares of General Mills from a “sell” rating to a “neutral” rating and set a $47.00 price objective on the stock in a research note on Wednesday, May 16th. Finally, Zacks Investment Research cut shares of General Mills from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $52.82.
About General Mills
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. 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, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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