General Mills, Inc. (GIS) Releases Earnings Results, Beats Expectations By $0.01 EPS
General Mills, Inc. (NYSE:GIS) released its quarterly earnings data on Tuesday. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. The company earned $3.79 billion during the quarter, compared to the consensus estimate of $3.82 billion. General Mills had a net margin of 10.23% and a return on equity of 35.10%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.65 EPS. General Mills updated its FY17 guidance to $3.07-3.12 EPS.
Shares of General Mills (NYSE:GIS) opened at 60.26 on Tuesday. The firm has a 50-day moving average of $61.33 and a 200 day moving average of $62.51. General Mills has a 52-week low of $58.70 and a 52-week high of $72.95. The firm has a market cap of $34.95 billion, a PE ratio of 22.50 and a beta of 0.56.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.19%. The ex-dividend date is Thursday, April 6th. General Mills’s payout ratio is presently 71.64%.
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In related news, Director Robert L. Ryan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, January 11th. The shares were sold at an average price of $60.83, for a total value of $1,216,600.00. Following the transaction, the director now directly owns 54,676 shares in the company, valued at $3,325,941.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.
A number of research firms have recently commented on GIS. Sanford C. Bernstein downgraded shares of General Mills from a “market perform” rating to an “underperform” rating in a report on Tuesday. Barclays PLC reduced their price objective on shares of General Mills from $66.00 to $64.00 and set an “equal weight” rating for the company in a report on Wednesday, December 21st. Zacks Investment Research downgraded shares of General Mills from a “buy” rating to a “hold” rating in a report on Friday, December 2nd. Royal Bank of Canada downgraded shares of General Mills from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $73.00 to $69.00 in a report on Thursday, December 15th. Finally, Wells Fargo & Co reissued a “hold” rating on shares of General Mills in a report on Tuesday, December 20th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $66.35.
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About General Mills
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.
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