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

General Mills (NYSE:GISGet Rating) announced 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 analysts’ expectations of $4.72 billion. General Mills had a net margin of 15.13% and a return on equity of 23.87%. General Mills’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.99 EPS. General Mills updated its FY 2023 guidance to $4.02-$4.14 EPS.

General Mills Trading Up 1.3 %

Shares of NYSE:GIS opened at $80.78 on Friday. General Mills has a 12-month low of $58.85 and a 12-month high of $81.24. The company has a market cap of $48.12 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.62 and a beta of 0.33. The stock has a 50 day moving average of $76.11 and a 200 day moving average of $71.77. The company has a current ratio of 0.60, a quick ratio of 0.40 and a debt-to-equity ratio of 0.78.

General Mills Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, July 7th. Stockholders of record on Friday, July 8th were paid 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%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GIS shares. Citigroup increased their price target on shares of General Mills from $82.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, June 30th. Credit Suisse Group increased their target price on General Mills from $74.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday. Piper Sandler boosted their price target on General Mills from $80.00 to $88.00 and gave the stock an “overweight” 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 report on Thursday. Finally, UBS Group boosted their target price on General Mills from $79.00 to $82.00 in a research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $76.83.

Insider Buying and Selling at General Mills

In related news, CAO Mark A. Pallot sold 2,255 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now owns 17,087 shares in the company, valued at $1,275,715.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Mark A. Pallot sold 2,255 shares of the company’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $74.66, for a total transaction of $168,358.30. Following the sale, the chief accounting officer now directly owns 17,087 shares in the company, valued at approximately $1,275,715.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey L. Harmening sold 37,895 shares of General Mills stock in a transaction dated Wednesday, September 21st. The stock was 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 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 over the last 90 days. 0.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GIS. Charles Schwab Investment Management Inc. grew its holdings in General Mills by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,852,150 shares of the company’s stock valued at $734,907,000 after purchasing an additional 75,902 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of General Mills by 3.1% during the first quarter. Renaissance Technologies LLC now owns 4,431,688 shares of the company’s stock valued at $300,114,000 after buying an additional 131,500 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of General Mills by 16.1% during the first quarter. Wellington Management Group LLP now owns 817,256 shares of the company’s stock valued at $55,344,000 after buying an additional 113,328 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of General Mills by 34.0% in the first quarter. BNP Paribas Arbitrage SA now owns 686,495 shares of the company’s stock worth $46,489,000 after buying an additional 174,026 shares during the period. Finally, Eaton Vance Management lifted its stake in shares of 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 acquiring an additional 320,419 shares during the last quarter. 75.48% of the stock is owned by hedge funds and other institutional investors.

General Mills Company Profile

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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.

Further Reading

Earnings History for General Mills (NYSE:GIS)

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