“On a like-for-like basis (excl. $0.79 was 3c or 4% above our estimate and 8c or 11% above consensus. Profitability during the qtr was significantly better than expected, particularly at the gross profit level which was encouraging given recent inflationary pressures. FY19 guidance was set ~2% below consensus (at the midpoint), including a 4c or ~1% drag related to BUFF.”,” Jefferies Financial Group’s analyst wrote.
GIS has been the subject of several other reports. Zacks Investment Research cut General Mills from a hold rating to a sell rating in a research report on Tuesday, April 17th. ValuEngine cut General Mills from a sell rating to a strong sell rating in a research report on Wednesday, May 2nd. Credit Suisse Group reaffirmed a hold rating and set a $55.00 price objective on shares of General Mills in a research report on Tuesday, March 20th. Barclays reaffirmed a hold rating and set a $48.00 price objective on shares of General Mills in a research report on Friday, March 23rd. Finally, UBS Group reduced their price objective on General Mills from $58.00 to $48.00 and set a neutral rating for the company in a research report on Thursday, March 22nd. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating to the company. General Mills presently has an average rating of Hold and an average price target of $50.71.
Shares of General Mills traded down $0.42, hitting $44.26, on Wednesday, MarketBeat.com reports. 6,546,634 shares of the stock were exchanged, compared to its average volume of 6,630,644. The company has a debt-to-equity ratio of 1.95, a current ratio of 0.56 and a quick ratio of 0.45. The stock has a market capitalization of $25.42 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.72 and a beta of 0.77. General Mills has a fifty-two week low of $41.01 and a fifty-two week high of $60.69.
General Mills (NYSE:GIS) last posted its quarterly earnings data on Wednesday, June 27th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.07. The company had revenue of $3.89 billion during the quarter, compared to analysts’ expectations of $3.89 billion. General Mills had a return on equity of 35.14% and a net margin of 13.54%. General Mills’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.73 earnings per share. equities analysts expect that General Mills will post 3.06 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Monday, July 9th. This represents a $1.96 annualized dividend and a yield of 4.43%. General Mills’s payout ratio is presently 63.02%.
In related news, CEO Jeffrey L. Harmening bought 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were acquired at an average price of $42.18 per share, for a total transaction of $253,080.00. Following the completion of the acquisition, the chief executive officer now owns 114,696 shares of the company’s stock, valued at approximately $4,837,877.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.40% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GIS. BlackRock Inc. raised its stake in General Mills by 9.3% in the first quarter. BlackRock Inc. now owns 47,261,193 shares of the company’s stock valued at $2,129,588,000 after buying an additional 4,033,152 shares during the period. Schroder Investment Management Group raised its stake in General Mills by 36.4% in the first quarter. Schroder Investment Management Group now owns 4,915,769 shares of the company’s stock valued at $221,504,000 after buying an additional 1,311,067 shares during the period. Massachusetts Financial Services Co. MA raised its stake in General Mills by 5.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 23,083,806 shares of the company’s stock valued at $1,040,156,000 after buying an additional 1,285,436 shares during the period. Stifel Financial Corp raised its stake in General Mills by 50.8% in the first quarter. Stifel Financial Corp now owns 2,529,099 shares of the company’s stock valued at $114,102,000 after buying an additional 851,808 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in General Mills by 22.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,794,743 shares of the company’s stock valued at $170,992,000 after buying an additional 705,650 shares during the period. Hedge funds and other institutional investors own 74.58% of the company’s stock.
General Mills Company Profile
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. 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, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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