Piper Jaffray Companies Weighs in on General Mills, Inc.’s FY2019 Earnings (GIS)
General Mills, Inc. (NYSE:GIS) – Stock analysts at Piper Jaffray Companies increased their FY2019 EPS estimates for General Mills in a note issued to investors on Tuesday, September 18th. Piper Jaffray Companies analyst M. Lavery now forecasts that the company will post earnings per share of $3.09 for the year, up from their previous estimate of $3.03. Piper Jaffray Companies has a “Hold” rating and a $47.00 price target on the stock. Piper Jaffray Companies also issued estimates for General Mills’ Q4 2020 earnings at $0.82 EPS.
Several other equities analysts have also issued reports on GIS. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $47.00 target price on shares of General Mills in a report on Thursday, May 31st. Zacks Investment Research raised General Mills from a “sell” rating to a “hold” rating in a report on Tuesday, June 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $55.00 target price on shares of General Mills in a report on Wednesday, June 27th. Bank of America reaffirmed a “hold” rating and issued a $49.00 target price on shares of General Mills in a report on Wednesday, June 27th. Finally, Citigroup reduced their target price on General Mills from $61.00 to $54.00 and set a “buy” rating for the company in a report on Friday, June 29th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. General Mills currently has an average rating of “Hold” and an average target price of $50.29.
General Mills (NYSE:GIS) last released its earnings results on Tuesday, September 18th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.12 billion. General Mills had a return on equity of 31.84% and a net margin of 13.19%. General Mills’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 earnings per share.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of General Mills by 9.3% in the first quarter. BlackRock Inc. now owns 47,261,193 shares of the company’s stock worth $2,129,588,000 after acquiring an additional 4,033,152 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of General Mills by 2.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 23,682,121 shares of the company’s stock worth $1,048,171,000 after acquiring an additional 598,315 shares during the period. Northern Trust Corp boosted its holdings in shares of General Mills by 1.2% in the second quarter. Northern Trust Corp now owns 8,330,777 shares of the company’s stock worth $368,719,000 after acquiring an additional 96,628 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of General Mills by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 7,644,795 shares of the company’s stock worth $338,359,000 after acquiring an additional 46,939 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in shares of General Mills by 5.1% in the second quarter. Schroder Investment Management Group now owns 5,166,277 shares of the company’s stock worth $230,829,000 after acquiring an additional 250,508 shares during the period. 70.60% of the stock is owned by hedge funds and other institutional investors.
In other General Mills news, Director Heidi Miller sold 13,204 shares of the stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $45.77, for a total transaction of $604,347.08. Following the completion of the transaction, the director now directly owns 82,295 shares of the company’s stock, valued at $3,766,642.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Maria Sastre acquired 1,000 shares of General Mills stock in a transaction on Monday, August 20th. The shares were purchased at an average cost of $47.37 per share, with a total value of $47,370.00. Following the completion of the acquisition, the director now owns 1,000 shares of the company’s stock, valued at approximately $47,370. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 158,018 shares of company stock valued at $7,114,487. 1.40% of the stock is owned by corporate insiders.
About General Mills
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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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