Brokerages expect that General Mills (NYSE:GIS) will report $3.95 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for General Mills’ earnings, with the highest sales estimate coming in at $4.11 billion and the lowest estimate coming in at $3.88 billion. General Mills reported sales of $3.81 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 3.7%. The business is scheduled to announce its next earnings results on Wednesday, June 27th.
According to Zacks, analysts expect that General Mills will report full year sales of $15.79 billion for the current fiscal year, with estimates ranging from $15.73 billion to $15.96 billion. For the next financial year, analysts expect that the firm will report sales of $17.39 billion per share, with estimates ranging from $17.26 billion to $17.49 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for General Mills.
General Mills (NYSE:GIS) last posted its earnings results on Wednesday, March 21st. The company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. General Mills had a net margin of 13.96% and a return on equity of 37.64%. The business had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the firm posted $0.72 EPS. General Mills’s revenue was up 2.3% on a year-over-year basis.
A number of brokerages have recently issued reports on GIS. Argus reaffirmed a “hold” rating on shares of General Mills in a research note on Wednesday, December 27th. Susquehanna Bancshares set a $61.00 price objective on shares of General Mills and gave the company a “hold” rating in a research note on Friday, January 5th. Piper Jaffray raised shares of General Mills from an “underweight” rating to a “neutral” rating and set a $63.00 price objective for the company in a research note on Wednesday, January 3rd. Credit Suisse Group set a $62.00 price objective on shares of General Mills and gave the company a “hold” rating in a research note on Thursday, January 18th. Finally, Jefferies Group raised shares of General Mills from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $53.71.
Several large investors have recently bought and sold shares of GIS. Stifel Financial Corp lifted its position in shares of General Mills by 28,570.2% in the 3rd quarter. Stifel Financial Corp now owns 1,671,471 shares of the company’s stock worth $86,610,000 after purchasing an additional 1,665,641 shares during the period. Bank of New York Mellon Corp lifted its position in shares of General Mills by 13.5% in the 4th quarter. Bank of New York Mellon Corp now owns 8,499,301 shares of the company’s stock worth $503,923,000 after purchasing an additional 1,009,126 shares during the period. American International Group Inc. lifted its position in shares of General Mills by 10.3% in the 4th quarter. American International Group Inc. now owns 9,960,631 shares of the company’s stock worth $590,566,000 after purchasing an additional 932,891 shares during the period. Alps Advisors Inc. purchased a new stake in shares of General Mills in the 4th quarter worth about $50,956,000. Finally, Hexavest Inc. purchased a new stake in shares of General Mills in the 4th quarter worth about $49,237,000. 74.22% of the stock is owned by hedge funds and other institutional investors.
Shares of General Mills stock traded down $0.62 during trading on Tuesday, reaching $43.41. The company’s stock had a trading volume of 5,464,653 shares, compared to its average volume of 6,866,110. General Mills has a 52-week low of $43.18 and a 52-week high of $60.69. The stock has a market capitalization of $24,702.20, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 1.95 and a beta of 0.76. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.45 and a current ratio of 0.69.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be given a dividend of $0.49 per share. The ex-dividend date of this dividend is Monday, April 9th. This represents a $1.96 annualized dividend and a yield of 4.52%. General Mills’s payout ratio is currently 63.64%.
General Mills announced that its Board of Directors has authorized a stock buyback plan on Friday, February 23rd that permits the company to buyback shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
About General Mills
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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