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 for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11, RTT News reports. The business had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.72 billion. General Mills had a return on equity of 23.87% and a net margin of 15.13%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 EPS. General Mills updated its FY 2023 guidance to $4.02-$4.14 EPS.

General Mills Stock Up 1.3 %

NYSE:GIS opened at $80.78 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.40 and a current ratio of 0.60. The stock has a 50-day simple moving average of $76.11 and a 200 day simple moving average of $71.77. General Mills has a one year low of $58.85 and a one year high of $81.24. The company has a market capitalization of $48.12 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 2.62 and a beta of 0.33.

General Mills Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, July 7th. Shareholders of record on Friday, July 8th were given a $0.54 dividend. The ex-dividend date of this dividend was Thursday, July 7th. General Mills’s dividend payout ratio (DPR) is presently 45.47%.

Insiders Place Their Bets

In other General Mills news, CAO Mark A. Pallot sold 2,255 shares of General Mills stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $74.66, for a total value of $168,358.30. Following the transaction, the chief accounting officer now owns 17,087 shares in the company, valued at $1,275,715.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Jeffrey L. Harmening sold 37,895 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $80.00, for a total value of $3,031,600.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark A. Pallot sold 2,255 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The shares were 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 disclosure for this sale can be found here. Insiders have sold 96,317 shares of company stock valued at $7,429,156 over the last quarter. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On General Mills

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. acquired a new position in General Mills in the 1st quarter valued at approximately $85,000. Covestor Ltd increased its stake in shares of General Mills by 15.3% in the first quarter. Covestor Ltd now owns 1,834 shares of the company’s stock worth $124,000 after purchasing an additional 244 shares in the last quarter. Pearl River Capital LLC bought a new position in shares of General Mills in the first quarter valued at approximately $205,000. Journey Strategic Wealth LLC bought a new stake in General Mills during the first quarter valued at approximately $220,000. Finally, First Western Trust Bank bought a new stake in shares of General Mills in the 1st quarter worth approximately $247,000. 75.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on GIS. Citigroup raised their price target on General Mills from $82.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, June 30th. Piper Sandler lifted their price objective on General Mills from $80.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday. Bank of America boosted their price target on General Mills from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank of Canada boosted their price objective on General Mills from $66.00 to $68.00 and gave the company a “sector perform” rating in a research note on Friday, July 1st. Finally, Credit Suisse Group boosted their price target on General Mills from $74.00 to $77.00 and gave the stock a “neutral” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, General Mills has an average rating of “Hold” and an average target price of $76.83.

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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