“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.
A number of other research firms also recently weighed in on GIS. JPMorgan Chase & Co. reduced their target price on General Mills to $44.00 and set a neutral rating on the stock in a report on Thursday, March 22nd. Zacks Investment Research upgraded General Mills from a sell rating to a hold rating in a report on Tuesday, June 26th. TheStreet downgraded General Mills from a b- rating to a c+ rating in a report on Monday, April 2nd. Piper Jaffray Companies reiterated a hold rating and set a $49.00 target price on shares of General Mills in a report on Thursday, March 22nd. Finally, Morgan Stanley reduced their target price on General Mills from $58.00 to $48.00 and set an equal weight rating on the stock in a report on Thursday, March 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the company. General Mills presently has a consensus rating of Hold and an average target price of $50.71.
Shares of General Mills opened at $44.26 on Wednesday, Marketbeat.com reports. General Mills has a 1 year low of $41.01 and a 1 year high of $60.69. The stock has a market cap of $25.19 billion, a P/E ratio of 14.23, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The company has a current ratio of 0.56, a quick ratio of 0.45 and a debt-to-equity ratio of 1.95.
General Mills (NYSE:GIS) last posted its earnings results on Wednesday, June 27th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.07. General Mills had a return on equity of 35.14% and a net margin of 13.54%. The firm had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the business earned $0.73 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts expect that General Mills will post 3.06 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th will be given a $0.49 dividend. The ex-dividend date of this dividend is Monday, July 9th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.43%. General Mills’s dividend payout ratio is currently 63.02%.
In related news, CEO Jeffrey L. Harmening purchased 6,000 shares of the company’s stock in a transaction dated Wednesday, May 23rd. The shares were purchased at an average cost of $42.18 per share, with a total value of $253,080.00. Following the transaction, the chief executive officer now directly owns 114,696 shares in the company, valued at approximately $4,837,877.28. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. OLD Republic International Corp lifted its position in General Mills by 53.8% in the 4th quarter. OLD Republic International Corp now owns 794,700 shares of the company’s stock valued at $47,118,000 after acquiring an additional 278,000 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in General Mills in the 4th quarter valued at approximately $225,000. Banco de Sabadell S.A bought a new position in General Mills in the 4th quarter valued at approximately $249,000. Mackenzie Financial Corp lifted its position in General Mills by 89.2% in the 4th quarter. Mackenzie Financial Corp now owns 967,778 shares of the company’s stock valued at $57,380,000 after acquiring an additional 456,260 shares in the last quarter. Finally, Brookfield Asset Management Inc. lifted its position in General Mills by 4.6% in the 4th quarter. Brookfield Asset Management Inc. now owns 143,496 shares of the company’s stock valued at $8,508,000 after acquiring an additional 6,300 shares in the last quarter. 74.58% of the stock is currently owned by institutional investors and hedge funds.
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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