5 Best Ice Cream Stocks To Buy Now

2. General Mills, Inc. (NYSE:GIS)

Number of Hedge Fund Holders: 35  

General Mills, Inc. (NYSE:GIS) manufactures and markets branded consumer foods worldwide. It is one of the major ice cream stocks to invest in. General Mills, Inc. (NYSE:GIS) shares have rallied after the company posted a beat-and-raise quarter. For the first quarter of its 2023 fiscal year, the Minnesota-based consumer foods manufacturer notched a 4% jump in net sales to $4.7 billion and a 13% rise in adjusted diluted EPS to $1.11. Analysts had anticipated $4.72 billion and $1.00, respectively. 

On September 22, BMO Capital analyst Kenneth Zaslow kept a Market Perform rating on General Mills, Inc. (NYSE:GIS) stock and raised the price target to $85 from $80, remarking that General Mills, Inc. (NYSE:GIS) should be in a position to accelerate its growth through its connected commerce capability as it continues to build brands in a cost-effective manner across both digital and physical worlds.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in General Mills, Inc. (NYSE:GIS), with 4.6 million shares worth more than $345 million. 

In its Q2 2022 investor letter, Chartwell Investment Partners, an asset management firm, highlighted a few stocks and General Mills, Inc. (NYSE:GIS) was one of them. Here is what the fund said:

“In the Dividend Equity accounts, the three best performers in Q2 includes General Mills (NYSE:GIS, 3.2%), up 12.2%. General Mills benefitted from the combination of being in a very defensive industry as well as demonstrating solid business momentum; margins have been particularly impressive, following price increases.”