Brokerages expect General Mills, Inc. (NYSE:GIS) to post sales of $4.23 billion for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for General Mills’ earnings. The lowest sales estimate is $4.17 billion and the highest is $4.31 billion. General Mills reported sales of $3.89 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.7%. The firm is expected to report its next quarterly earnings results before the market opens on Wednesday, June 26th.
According to Zacks, analysts expect that General Mills will report full year sales of $16.93 billion for the current fiscal year, with estimates ranging from $16.87 billion to $17.01 billion. For the next year, analysts forecast that the business will report sales of $17.28 billion, with estimates ranging from $17.12 billion to $17.40 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for General Mills.
General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, March 20th. The company reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.14. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.21 billion. General Mills had a net margin of 9.26% and a return on equity of 28.11%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the business earned $0.79 earnings per share.
GIS has been the topic of several analyst reports. TheStreet upgraded shares of General Mills from a “c+” rating to a “b-” rating in a research report on Friday, March 15th. Deutsche Bank raised shares of General Mills from a “hold” rating to a “buy” rating and increased their price objective for the company from $43.00 to $54.00 in a report on Thursday, March 14th. Guggenheim reaffirmed a “buy” rating on shares of General Mills in a report on Tuesday, February 26th. Jefferies Financial Group reaffirmed a “buy” rating and set a $55.00 price objective on shares of General Mills in a report on Wednesday, March 20th. Finally, Morgan Stanley increased their price objective on shares of General Mills from $41.00 to $49.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $50.16.
In other news, insider John R. Church sold 4,719 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $50.78, for a total value of $239,630.82. Following the transaction, the insider now directly owns 34,112 shares of the company’s stock, valued at $1,732,207.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jodi J. Benson sold 5,054 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $50.51, for a total transaction of $255,277.54. Following the completion of the transaction, the insider now directly owns 38,212 shares in the company, valued at $1,930,088.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 323,500 shares of company stock worth $16,030,489. Insiders own 0.59% of the company’s stock.
Several large investors have recently bought and sold shares of GIS. Actinver Wealth Management Inc. acquired a new stake in General Mills during the fourth quarter worth about $991,000. Two Sigma Advisers LP increased its position in General Mills by 24.1% during the fourth quarter. Two Sigma Advisers LP now owns 897,719 shares of the company’s stock worth $34,957,000 after purchasing an additional 174,157 shares during the last quarter. Private Ocean LLC increased its position in General Mills by 585.4% during the first quarter. Private Ocean LLC now owns 1,405 shares of the company’s stock worth $73,000 after purchasing an additional 1,200 shares during the last quarter. Norges Bank acquired a new stake in General Mills during the fourth quarter worth about $208,406,000. Finally, DNB Asset Management AS increased its position in General Mills by 27.4% during the first quarter. DNB Asset Management AS now owns 110,514 shares of the company’s stock worth $5,719,000 after purchasing an additional 23,762 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.
GIS stock opened at $52.61 on Thursday. The firm has a market cap of $31.36 billion, a P/E ratio of 16.47, a PEG ratio of 2.24 and a beta of 0.75. The company has a current ratio of 0.55, a quick ratio of 0.35 and a debt-to-equity ratio of 1.61. General Mills has a one year low of $36.42 and a one year high of $53.66.
About General Mills
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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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