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

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

General Mills Stock Performance

NYSE:GIS opened at $80.78 on Friday. The company has a market cap 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. The company has a fifty day simple moving average of $76.11 and a two-hundred day simple moving average of $71.77. General Mills has a 52 week low of $58.85 and a 52 week high of $81.24. The company has a quick ratio of 0.40, a current ratio of 0.60 and a debt-to-equity ratio of 0.78.

General Mills Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GIS shares. Bank of America lifted their target price on shares of General Mills from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday. UBS Group increased their target price on General Mills from $79.00 to $82.00 in a report on Thursday. Credit Suisse Group lifted their price target on General Mills from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Thursday. BMO Capital Markets increased their price objective on General Mills from $80.00 to $85.00 in a research note on Thursday. 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 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, the company has an average rating of “Hold” and a consensus target price of $76.83.

Insider Buying and Selling at General Mills

In other General Mills news, insider Sean N. Walker sold 29,489 shares of the stock in a transaction that occurred on Thursday, June 30th. The shares were 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 approximately $6,749,175. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other General Mills news, insider Sean N. Walker sold 29,489 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 89,989 shares of the company’s stock, valued at $6,749,175. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey L. Harmening sold 37,895 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 279,482 shares of the company’s stock, valued at approximately $22,358,560. The disclosure for this sale can be found here. Insiders have sold 96,317 shares of company stock valued at $7,429,156 in the last quarter. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of General Mills

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Eaton Vance Management grew its stake in General Mills by 92.5% during the 1st quarter. Eaton Vance Management now owns 666,916 shares of the company’s stock worth $45,163,000 after buying an additional 320,419 shares during the last quarter. Cibc World Markets Corp grew its position in shares of General Mills by 1,105.8% during the first quarter. Cibc World Markets Corp now owns 260,316 shares of the company’s stock worth $17,629,000 after acquiring an additional 238,727 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of General Mills by 34.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 686,495 shares of the company’s stock valued at $46,489,000 after acquiring an additional 174,026 shares during the period. Renaissance Technologies LLC raised its position in General Mills by 3.1% in the 1st quarter. Renaissance Technologies LLC now owns 4,431,688 shares of the company’s stock valued at $300,114,000 after purchasing an additional 131,500 shares during the last quarter. Finally, ING Groep NV boosted its stake in General Mills by 147.8% during the 1st quarter. ING Groep NV now owns 208,058 shares of the company’s stock worth $14,090,000 after purchasing an additional 124,104 shares during the period. Institutional investors and hedge funds own 75.48% of the company’s stock.

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.

Further Reading

Earnings History for General Mills (NYSE:GIS)

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