General Mills, Inc. (NYSE:GIS) Expected to Post Quarterly Sales of $3.79 Billion
Wall Street analysts forecast that General Mills, Inc. (NYSE:GIS) will post $3.79 billion in sales for the current quarter, according to Zacks. Three analysts have provided estimates for General Mills’ earnings, with the lowest sales estimate coming in at $3.72 billion and the highest estimate coming in at $3.82 billion. General Mills reported sales of $3.91 billion in the same quarter last year, which would suggest a negative year over year growth rate of 3.1%. The business is expected to report its next earnings report on Wednesday, September 20th.
According to Zacks, analysts expect that General Mills will report full-year sales of $3.79 billion for the current financial year, with estimates ranging from $15.24 billion to $15.51 billion. For the next financial year, analysts expect that the business will post sales of $15.59 billion per share, with estimates ranging from $15.29 billion to $15.88 billion. Zacks’ sales averages are an average based on a survey of analysts that follow General Mills.
General Mills (NYSE:GIS) last announced its earnings results on Wednesday, June 28th. The company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.75 billion. General Mills had a return on equity of 38.97% and a net margin of 10.61%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 earnings per share.
A number of research firms recently commented on GIS. Zacks Investment Research raised shares of General Mills from a “sell” rating to a “hold” rating in a report on Monday, March 27th. BidaskClub raised shares of General Mills from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. BMO Capital Markets reissued a “hold” rating and set a $67.00 target price on shares of General Mills in a report on Thursday, June 15th. Royal Bank Of Canada set a $65.00 target price on shares of General Mills and gave the company a “hold” rating in a report on Monday, April 24th. Finally, Susquehanna Bancshares Inc reissued a “neutral” rating and set a $59.00 target price (down previously from $62.00) on shares of General Mills in a report on Tuesday, May 30th. Seven research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. General Mills has a consensus rating of “Hold” and a consensus target price of $59.93.
Shares of General Mills (NYSE:GIS) traded up 0.33% during trading on Friday, hitting $54.35. The stock had a trading volume of 3,664,469 shares. General Mills has a 52 week low of $53.24 and a 52 week high of $72.51. The company has a market capitalization of $31.37 billion, a price-to-earnings ratio of 19.62 and a beta of 0.61. The company’s 50 day moving average price is $55.81 and its 200 day moving average price is $58.60.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.49 dividend. The ex-dividend date is Thursday, July 6th. This represents a $1.96 annualized dividend and a dividend yield of 3.61%. This is a boost from General Mills’s previous quarterly dividend of $0.48. General Mills’s dividend payout ratio is presently 70.76%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in General Mills during the fourth quarter valued at $297,782,000. Morgan Stanley raised its position in shares of General Mills by 29.4% in the first quarter. Morgan Stanley now owns 7,055,040 shares of the company’s stock valued at $416,318,000 after buying an additional 1,603,577 shares during the period. Bank of New York Mellon Corp raised its position in shares of General Mills by 26.1% in the first quarter. Bank of New York Mellon Corp now owns 7,013,411 shares of the company’s stock valued at $413,862,000 after buying an additional 1,449,632 shares during the period. Renaissance Technologies LLC raised its position in shares of General Mills by 146.2% in the first quarter. Renaissance Technologies LLC now owns 2,004,300 shares of the company’s stock valued at $118,274,000 after buying an additional 1,190,200 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of General Mills by 17.0% in the first quarter. Schroder Investment Management Group now owns 4,541,794 shares of the company’s stock valued at $268,283,000 after buying an additional 660,726 shares during the period. 70.40% of the stock is currently owned by hedge funds and other institutional investors.
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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