General Mills, Inc. (NYSE:GIS) Increases Dividend to $0.60 Per Share

General Mills, Inc. (NYSE:GISGet Free Report) announced a quarterly dividend on Wednesday, June 26th, NASDAQ reports. Shareholders of record on Wednesday, July 10th will be paid a dividend of 0.60 per share on Thursday, August 1st. This represents a $2.40 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Wednesday, July 10th. This is a positive change from General Mills’s previous quarterly dividend of $0.59.

General Mills has increased its dividend by an average of 4.5% annually over the last three years. General Mills has a dividend payout ratio of 50.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect General Mills to earn $4.75 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 50.5%.

General Mills Stock Down 0.6 %

GIS opened at $62.49 on Tuesday. The firm has a market cap of $34.88 billion, a P/E ratio of 14.50, a PEG ratio of 3.55 and a beta of 0.09. The business’s fifty day simple moving average is $67.55 and its 200 day simple moving average is $66.63. General Mills has a 52 week low of $60.33 and a 52 week high of $77.63. The company has a quick ratio of 0.38, a current ratio of 0.65 and a debt-to-equity ratio of 1.17.

General Mills (NYSE:GISGet Free Report) last posted its quarterly earnings data on Wednesday, June 26th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $4.71 billion during the quarter, compared to analyst estimates of $4.85 billion. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The company’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.12 earnings per share. As a group, equities research analysts anticipate that General Mills will post 4.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays lowered their price objective on General Mills from $72.00 to $67.00 and set an “equal weight” rating for the company in a research report on Friday, June 28th. Sanford C. Bernstein raised shares of General Mills from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $62.00 to $70.00 in a research note on Wednesday, May 15th. Wells Fargo & Company decreased their target price on shares of General Mills from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 27th. HSBC upped their price target on shares of General Mills from $74.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, March 21st. Finally, Citigroup lowered their price objective on shares of General Mills from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $70.00.

View Our Latest Analysis on GIS

Insider Activity at General Mills

In other General Mills news, insider Werner Lanette Shaffer sold 710 shares of General Mills stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $70.57, for a total value of $50,104.70. Following the completion of the sale, the insider now directly owns 17,397 shares in the company, valued at $1,227,706.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is currently owned by company insiders.

About General Mills

(Get Free Report)

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, 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 and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.

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Dividend History for General Mills (NYSE:GIS)

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