General Mills (NYSE:GIS) Updates FY 2022 Earnings Guidance

General Mills (NYSE:GIS) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $3.790-$3.790 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.740. The company issued revenue guidance of -.

Several analysts have recently commented on the company. Credit Suisse Group lowered General Mills from an outperform rating to a neutral rating and decreased their price objective for the company from $68.00 to $63.00 in a report on Monday, September 13th. Citigroup raised General Mills from a neutral rating to a buy rating and upped their target price for the company from $63.00 to $70.00 in a research report on Thursday, September 30th. Morgan Stanley downgraded General Mills from an equal weight rating to an underweight rating and cut their target price for the company from $57.00 to $51.00 in a research report on Tuesday, September 21st. Royal Bank of Canada increased their price target on General Mills from $65.00 to $66.00 and gave the stock a sector perform rating in a research report on Thursday, September 23rd. Finally, Jefferies Financial Group assumed coverage on General Mills in a research report on Thursday, September 23rd. They set a hold rating and a $64.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $61.57.

NYSE:GIS opened at $61.86 on Thursday. General Mills has a 52 week low of $53.96 and a 52 week high of $64.65. The company has a quick ratio of 0.48, a current ratio of 0.70 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $37.47 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 2.06 and a beta of 0.57. The stock’s 50-day moving average price is $59.33 and its 200-day moving average price is $60.56.

General Mills (NYSE:GIS) last posted its earnings results on Tuesday, September 21st. The company reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.10. General Mills had a return on equity of 25.61% and a net margin of 12.91%. The firm had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same period last year, the firm earned $1.00 EPS. The company’s quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts expect that General Mills will post 3.78 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Thursday, October 7th. General Mills’s dividend payout ratio (DPR) is presently 53.83%.

In related news, General Counsel Richard C. Allendorf sold 9,731 shares of the firm’s stock in a transaction dated Friday, October 1st. The shares were sold at an average price of $60.54, for a total value of $589,114.74. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jonathon Nudi sold 9,725 shares of the firm’s stock in a transaction dated Wednesday, October 6th. The shares were sold at an average price of $61.45, for a total transaction of $597,601.25. The disclosure for this sale can be found here. Insiders have sold a total of 48,070 shares of company stock worth $2,917,291 over the last 90 days. Insiders own 0.53% of the company’s stock.

A hedge fund recently raised its stake in General Mills stock. Morgan Stanley grew its stake in shares of General Mills, Inc. (NYSE:GIS) by 51.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,785,086 shares of the company’s stock after acquiring an additional 2,980,227 shares during the period. Morgan Stanley owned about 1.45% of General Mills worth $535,275,000 at the end of the most recent quarter. 75.07% of the stock is owned by institutional investors.

About General Mills

General Mills, Inc engages in the manufacture and marketing of branded consumer foods sold through retail stores. It operates through the following segments: North America Retail, Europe & Australia, Convenience Stores & Foodservice, Pet and Asia & Latin America. The North America Retail segment includes grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains and e-commerce grocery providers.

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Earnings History and Estimates for General Mills (NYSE:GIS)

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