General Mills, Inc. (GIS) Stake Lessened by SevenBridge Financial Group LLC

General Mills, Inc. (GIS) Stake Lessened by SevenBridge Financial Group LLC

General Mills, Inc. (GIS) Stake Lessened by SevenBridge Financial Group LLC

General Mills, Inc. (GIS) failed to surprise the stock market in its last reported earnings when it earned $0.82 a piece versus the consensus-estimated $0.82. (NYSE:GIS) has an average volume of 4.35 Million.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, December 20th.

Net income attributable to General Mills more than doubled to $941.4 million in the third quarter ended February 25, helped by a one-time tax benefit of $504 million from changes in the USA tax code. The institutional investor owned 134,769 shares of the company's stock after buying an additional 9,628 shares during the period. 1st Global Advisors Inc. bought a new stake in shares of General Mills in the second quarter worth $2,600,000.

"It is more hard than ever" to raise prices, says J.P. Morgan analyst Ken Goldman, and the company faces additional pressure because of its own missteps as costs rose while other food makers seem to have planned better for the shipping shortage and inflation. While earnings and sales beat expectations, the company slashed its full-year profit outlook. Truewealth LLC purchased a new position in General Mills during the fourth quarter worth about $119,000. Finally, Grove Bank & Trust lifted its holdings in General Mills by 322.7% during the third quarter.

To offset some of the costs, General Mills will look to increase prices on store shelves, but that could be tricky amid fierce grocery competition that has food retailers scrambling to lock in shoppers. Wall Street is only getting more bullish on the stock, with 3 of analysts who cover GIS having a buy-equivalent rating. Finally, Financial Gravity Companies Inc. acquired a new position in shares of General Mills during the 4th quarter worth approximately $131,000.

Cornerstone Capital Management Holdings LLC. boosted its position in shares of General Mills, Inc.

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General Mills, Inc. (NYSE:GIS) yearly performance is -17.14% and net profit margin is 10.30%. This repurchase authorization allows the company to buy shares of its stock through open market purchases.

In related news, insider Bethany C. Quam sold 8,712 shares of General Mills stock in a transaction that occurred on Tuesday, January 9th. Investors of record on Tuesday, April 10th will be issued a $0.49 dividend. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued. Mondelez slid 1.9% and J.M. Smucker retreated 4.1%. The ex-dividend date of this dividend is Monday, April 9th. General Mills's dividend payout ratio (DPR) is now 71.79%. The shares were sold at an average price of $59.40, for a total value of $517,492.80. Following the completion of the transaction, the insider now owns 36,089 shares in the company, valued at $2,143,686.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

ILLEGAL ACTIVITY NOTICE: "General Mills (GIS) PT Set at $61.00 by Susquehanna Bancshares" was published by BBNS and is the sole property of of BBNS. If you are accessing this story on another domain, it was copied illegally and reposted in violation of United States and global copyright and trademark laws.

Sales in the convenience stores and food service segment rose 3% to $460 million, driven by growth in frozen meals, cereal, and snacks.

Shares in General Mills were down 9.77% at US$45.05 in pre-market trading at the time of writing. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries.

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