General Mills (NYSE:GIS) Posts Earnings Results, Beats Estimates By $0.11 EPS

General Mills (NYSE:GISGet Rating) announced its earnings results on Wednesday. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11, RTT News reports. General Mills had a return on equity of 23.74% and a net margin of 14.25%. The firm had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the firm posted $0.99 EPS. The business’s revenue was up 3.9% on a year-over-year basis. General Mills updated its FY 2023 guidance to $4.02-$4.14 EPS.

General Mills Stock Up 5.7 %

NYSE GIS opened at $79.72 on Thursday. The business’s fifty day simple moving average is $75.98 and its 200-day simple moving average is $71.68. The company has a quick ratio of 0.40, a current ratio of 0.63 and a debt-to-equity ratio of 0.85. The firm has a market cap of $47.49 billion, a PE ratio of 18.04, a P/E/G ratio of 2.52 and a beta of 0.33. General Mills has a 52 week low of $58.70 and a 52 week high of $81.04.

General Mills Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, July 7th. Stockholders of record on Friday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, July 7th. General Mills’s dividend payout ratio is presently 48.87%.

Insider Buying and Selling

In related news, CAO Mark A. Pallot sold 2,255 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $74.66, for a total transaction of $168,358.30. Following the completion of the sale, the chief accounting officer now directly owns 17,087 shares of the company’s stock, valued at approximately $1,275,715.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark A. Pallot sold 2,255 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $74.66, for a total transaction of $168,358.30. Following the completion of the sale, the chief accounting officer now directly owns 17,087 shares of the company’s stock, valued at approximately $1,275,715.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean N. Walker sold 29,489 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $75.00, for a total value of $2,211,675.00. Following the sale, the insider now directly owns 89,989 shares of the company’s stock, valued at $6,749,175. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,422 shares of company stock valued at $4,397,556. 0.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On General Mills

Several institutional investors have recently bought and sold shares of GIS. Cibc World Market Inc. boosted its stake in shares of General Mills by 4.8% in the 1st quarter. Cibc World Market Inc. now owns 22,026 shares of the company’s stock valued at $1,492,000 after buying an additional 1,003 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of General Mills by 45.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,867 shares of the company’s stock valued at $397,000 after buying an additional 1,828 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in shares of General Mills by 2.1% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 73,176 shares of the company’s stock valued at $4,955,000 after buying an additional 1,503 shares during the period. Baird Financial Group Inc. boosted its stake in shares of General Mills by 2.3% in the 1st quarter. Baird Financial Group Inc. now owns 279,604 shares of the company’s stock valued at $18,935,000 after buying an additional 6,176 shares during the period. Finally, Covestor Ltd boosted its stake in shares of General Mills by 15.3% in the 1st quarter. Covestor Ltd now owns 1,834 shares of the company’s stock valued at $124,000 after buying an additional 244 shares during the period. 75.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GIS. Credit Suisse Group set a $74.00 target price on General Mills in a research report on Tuesday, July 19th. Morgan Stanley raised their price objective on General Mills from $56.00 to $66.00 and gave the company an “underweight” rating in a report on Friday, July 1st. Citigroup raised their price objective on General Mills from $82.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, June 30th. Royal Bank of Canada raised their price objective on General Mills from $66.00 to $68.00 and gave the company a “sector perform” rating in a report on Friday, July 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on General Mills from $81.00 to $88.00 in a report on Thursday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.00.

About General Mills

(Get Rating)

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, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.

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Earnings History for General Mills (NYSE:GIS)

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