General Mills Stock Price Down 3.1% After Earnings Miss (GIS)
General Mills (NYSE:GIS) dropped 3.1% during trading on Wednesday after the company announced weaker than expected quarterly earnings, AmericanBankingNews.com reports. The company traded as low as $51.50 and last traded at $52.04, with a volume of 4,787,707 shares. The stock had previously closed at $53.70.
The company reported $0.67 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.72 by $0.05. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter last year, the company posted $0.53 earnings per share. General Mills’s revenue was down 2.9% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of General Mills in a research note on Monday. They now have a $52.00 price target on the stock, up previously from $50.00. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of General Mills in a research note on Monday, June 2nd. They now have a $59.00 price target on the stock, up previously from $56.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of General Mills in a research note on Friday, April 25th. They now have a $55.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.78.
The stock has a 50-day moving average of $54.2 and a 200-day moving average of $51.24. The company has a market cap of $31.966 billion and a P/E ratio of 19.69.
General Mills, Inc (NYSE:GIS) is a manufacturer and marketer of branded consumer foods sold through retail stores.
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