General Mills (NYSE:GIS) Announces Earnings Results, Beats Expectations By $0.11 EPS

General Mills (NYSE:GISGet Rating) announced its quarterly earnings results on Wednesday. The company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11, RTT News reports. General Mills had a net margin of 15.13% and a return on equity of 23.87%. The firm had revenue of $4.72 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the company earned $0.99 earnings per share. General Mills’s quarterly revenue was up 3.9% compared to the same quarter last year. General Mills updated its FY 2023 guidance to $4.02-$4.14 EPS.

General Mills Trading Down 0.7 %

NYSE:GIS traded down $0.56 during trading hours on Friday, reaching $80.22. 31,352 shares of the company were exchanged, compared to its average volume of 4,072,143. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.60 and a quick ratio of 0.40. The firm has a market cap of $47.79 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 2.62 and a beta of 0.33. General Mills has a 52-week low of $58.85 and a 52-week high of $81.24. The stock has a 50 day simple moving average of $76.11 and a 200 day simple moving average of $71.77.

General Mills Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, July 7th. Shareholders of record on Friday, July 8th were paid 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 currently 45.47%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GIS shares. Piper Sandler upped their target price on shares of General Mills from $80.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets boosted their price target on shares of General Mills from $80.00 to $85.00 in a research note on Thursday. Credit Suisse Group boosted their price target on shares of General Mills from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada boosted their price target on shares of General Mills from $66.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Friday, July 1st. Finally, Citigroup upped their target price on shares of General Mills from $82.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, June 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, General Mills presently has an average rating of “Hold” and a consensus target price of $76.83.

Insiders Place Their Bets

In other General Mills news, CEO Jeffrey L. Harmening sold 37,895 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $3,031,600.00. Following the transaction, the chief executive officer now owns 279,482 shares of the company’s stock, valued at $22,358,560. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Sean N. Walker sold 29,489 shares of the firm’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $75.00, for a total transaction of $2,211,675.00. Following the completion of the sale, the insider now directly owns 89,989 shares of the company’s stock, valued at approximately $6,749,175. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey L. Harmening sold 37,895 shares of the firm’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $80.00, for a total transaction of $3,031,600.00. Following the transaction, the chief executive officer now directly owns 279,482 shares of the company’s stock, valued at $22,358,560. The disclosure for this sale can be found here. Insiders have sold a total of 96,317 shares of company stock valued at $7,429,156 over the last quarter. Company insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GIS. 1832 Asset Management L.P. bought a new stake in General Mills in the 1st quarter valued at about $85,000. Covestor Ltd raised its position in shares of General Mills by 15.3% during the 1st quarter. Covestor Ltd now owns 1,834 shares of the company’s stock worth $124,000 after buying an additional 244 shares in the last quarter. Pearl River Capital LLC bought a new stake in shares of General Mills during the 1st quarter worth about $205,000. Journey Strategic Wealth LLC bought a new stake in shares of General Mills during the 1st quarter worth about $220,000. Finally, First Western Trust Bank bought a new stake in shares of General Mills during the 1st quarter worth about $247,000. 75.48% of the stock is currently owned by institutional investors.

About General Mills

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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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