Grantham Mayo Van Otterloo & Co. LLC has increased its investment in General Mills, Inc. by 8.3% during the second quarter of 2023, acquiring an additional 19,259 shares. This brings the total number of shares held by the firm to 252,280, valued at approximately $13.07 million at the end of the reporting period.
Several other hedge funds have also adjusted their positions in General Mills recently. Notably, Garde Capital Inc. more than doubled its holdings by increasing its stake by 101.5%, now owning 524 shares worth about $27,000. Armstrong Advisory Group Inc. and N.E.W. Advisory Services LLC have entered the market by acquiring new stakes valued at around $32,000 and $41,000, respectively. Meanwhile, Pingora Partners LLC saw a significant rise in its holdings, increasing by 416.7% to own 620 shares valued at $37,000.
Institutional investors and hedge funds collectively own approximately 75.71% of General Mills’ stock, indicating strong institutional support for the company.
Insider Trading Activity
In related news, Jacqueline Williams-Roll, an insider at General Mills, sold 4,000 shares on September 19, 2023, at an average price of $50.04, totaling $200,160. Following the transaction, Williams-Roll retains 66,593 shares, valued at approximately $3.33 million. This recent sale reflects a 5.67% decrease in her ownership of the stock. The transaction details were disclosed in a filing with the Securities and Exchange Commission.
General Mills’ Financial Performance
On September 17, 2023, General Mills reported quarterly earnings of $0.86 per share, exceeding analysts’ expectations of $0.82 by $0.04. The company generated $4.52 billion in revenue, aligning with projections. Despite these results, revenue declined by 6.8% year-over-year, down from $1.07 earnings per share in the same quarter last year.
General Mills’ stock opened at $47.60 on the day of the earnings report, with a market capitalization of $25.39 billion. The company’s current ratio stands at 0.66, while its quick ratio is 0.40, and the debt-to-equity ratio is 1.28. Over the past year, the stock has fluctuated between a low of $45.80 and a high of $67.40.
The company has also announced a quarterly dividend of $0.61, set to be paid on February 2, 2024, to shareholders of record by January 9, 2024. This dividend represents an annualized payout of $2.44, yielding approximately 5.1%, with a payout ratio of 46.12%.
General Mills operates globally, manufacturing and marketing a diverse range of consumer food products. Its business segments include North America Retail, International, Pet, and North America Foodservice, covering a broad spectrum of food categories, from ready-to-eat cereals to frozen meals.
This ongoing investment and trading activity reflects a positive outlook from institutional investors towards General Mills, suggesting confidence in the company’s future performance amid a challenging market environment.
