General Mills Inc. (GIS) Announces Earnings Results
General Mills Inc. (NYSE:GIS) posted its quarterly earnings data on Wednesday. The company reported $0.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.03. The business had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.92 billion. General Mills had a return on equity of 33.96% and a net margin of 10.25%.
Shares of General Mills (NYSE:GIS) opened at 64.70 on Wednesday. The stock has a 50 day moving average price of $69.44 and a 200 day moving average price of $66.07. General Mills has a 1-year low of $53.53 and a 1-year high of $72.95. The stock has a market capitalization of $38.63 billion, a price-to-earnings ratio of 23.36 and a beta of 0.38.
A number of brokerages have recently commented on GIS. Morgan Stanley reissued a “hold” rating on shares of General Mills in a research report on Sunday, July 17th. Royal Bank Of Canada boosted their price target on General Mills from $70.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, June 30th. Citigroup Inc. reissued a “buy” rating and issued a $76.00 price target (up from $72.00) on shares of General Mills in a research report on Wednesday, June 29th. Goldman Sachs Group Inc. reissued a “sell” rating and issued a $60.00 price target (up from $58.00) on shares of General Mills in a research report on Thursday, June 30th. Finally, Bank of America Corp. reissued a “sell” rating on shares of General Mills in a research report on Tuesday, May 24th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $67.40.
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In other General Mills news, COO Jeffrey L. Harmening sold 33,150 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $71.05, for a total value of $2,355,307.50. Following the completion of the sale, the chief operating officer now directly owns 133,106 shares in the company, valued at $9,457,181.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul Danos sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $71.53, for a total transaction of $1,430,600.00. Following the completion of the sale, the director now owns 43,799 shares of the company’s stock, valued at $3,132,942.47. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
A number of large investors have recently made changes to their positions in GIS. Point72 Asia Hong Kong Ltd purchased a new stake in shares of General Mills during the second quarter valued at $150,000. First Heartland Consultants Inc. purchased a new stake in shares of General Mills during the second quarter valued at $224,000. Nuveen Fund Advisors LLC purchased a new stake in shares of General Mills during the second quarter valued at $230,000. Nations Financial Group Inc. IA ADV increased its stake in shares of General Mills by 4.2% in the second quarter. Nations Financial Group Inc. IA ADV now owns 3,768 shares of the company’s stock valued at $269,000 after buying an additional 152 shares during the period. Finally, Mycio Wealth Partners LLC increased its stake in shares of General Mills by 146.8% in the second quarter. Mycio Wealth Partners LLC now owns 4,010 shares of the company’s stock valued at $286,000 after buying an additional 2,385 shares during the period. Institutional investors own 69.13% of the company’s stock.
About General Mills
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company is organized into three operating segments: U.S.
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