General Mills (NYSE:GIS) Issues Quarterly Earnings Results

General Mills (NYSE:GISGet Rating) announced its quarterly earnings results on Wednesday. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11, RTT News reports. General Mills had a net margin of 15.13% and a return on equity of 23.87%. The company had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the business posted $0.99 EPS. General Mills’s quarterly revenue was up 3.9% on a year-over-year basis. General Mills updated its FY 2023 guidance to $4.02-$4.14 EPS.

General Mills Stock Up 1.3 %

NYSE:GIS opened at $80.78 on Friday. The stock’s fifty day moving average price is $76.11 and its two-hundred day moving average price is $71.77. General Mills has a 52-week low of $58.85 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.40 and a current ratio of 0.60. The company has a market cap of $48.12 billion, a price-to-earnings ratio of 17.01, a P/E/G ratio of 2.62 and a beta of 0.33.

General Mills Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, July 7th. Shareholders of record on Friday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, July 7th. General Mills’s dividend payout ratio is 45.47%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Piper Sandler increased their price target on shares of General Mills from $80.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday. Credit Suisse Group raised their target price on shares of General Mills from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Mills from $81.00 to $88.00 in a research note on Thursday. Citigroup increased their price target on shares of General Mills from $82.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, June 30th. Finally, UBS Group increased their price target on shares of General Mills from $79.00 to $82.00 in a report on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, General Mills has an average rating of “Hold” and a consensus price target of $76.83.

Insider Activity

In other news, CEO Jeffrey L. Harmening sold 37,895 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $80.00, for a total value of $3,031,600.00. Following the transaction, the chief executive officer now owns 279,482 shares of the company’s stock, valued at approximately $22,358,560. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Sean N. Walker sold 29,489 shares of the company’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $75.00, for a total value of $2,211,675.00. Following the completion of the sale, the insider now owns 89,989 shares in the company, valued at approximately $6,749,175. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jeffrey L. Harmening sold 37,895 shares of the company’s stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $3,031,600.00. Following the completion of the sale, the chief executive officer now owns 279,482 shares of the company’s stock, valued at approximately $22,358,560. The disclosure for this sale can be found here. Insiders have sold a total of 96,317 shares of company stock valued at $7,429,156 in the last 90 days. 0.67% of the stock is owned by company insiders.

Institutional Trading of General Mills

A number of large investors have recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in shares of General Mills during the 1st quarter worth approximately $85,000. Covestor Ltd raised its position in General Mills by 15.3% in the first quarter. Covestor Ltd now owns 1,834 shares of the company’s stock valued at $124,000 after purchasing an additional 244 shares during the last quarter. Pearl River Capital LLC acquired a new stake in shares of General Mills during the first quarter worth $205,000. Journey Strategic Wealth LLC acquired a new stake in shares of General Mills during the first quarter worth $220,000. Finally, First Western Trust Bank bought a new position in General Mills during the first quarter worth $247,000. Institutional investors own 75.48% of the company’s stock.

General Mills Company Profile

(Get Rating)

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers 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 salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.

Further Reading

Earnings History for General Mills (NYSE:GIS)

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