General Mills (NYSE:GIS) Updates FY 2024 Earnings Guidance

General Mills (NYSE:GIS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.470-4.520 for the period, compared to the consensus earnings per share estimate of 4.670. The company issued revenue guidance of -.

Analyst Ratings Changes

Several brokerages recently commented on GIS. Citigroup began coverage on General Mills in a report on Thursday, February 1st. They issued a neutral rating and a $67.00 price objective for the company. Wells Fargo & Company boosted their price target on General Mills from $65.00 to $70.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Royal Bank of Canada reissued a sector perform rating and set a $72.00 price target on shares of General Mills in a report on Thursday, March 21st. Bank of America boosted their price target on General Mills from $68.00 to $72.00 and gave the company a neutral rating in a report on Thursday, March 21st. Finally, HSBC boosted their price target on General Mills from $74.00 to $76.00 and gave the company a hold rating in a report on Thursday, March 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, General Mills has a consensus rating of Hold and an average target price of $72.18.

General Mills Price Performance

NYSE:GIS opened at $70.18 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $39.86 billion, a P/E ratio of 16.10, a P/E/G ratio of 2.42 and a beta of 0.15. General Mills has a 12 month low of $60.33 and a 12 month high of $90.89. The business’s 50-day moving average is $66.21 and its 200 day moving average is $65.09.

General Mills (NYSE:GIS) last issued its quarterly earnings data on Wednesday, March 20th. The company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.12. General Mills had a return on equity of 26.84% and a net margin of 12.66%. The business had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.97 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. On average, equities research analysts forecast that General Mills will post 4.51 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 3.36%. General Mills’s dividend payout ratio (DPR) is presently 54.13%.

Insider Activity

In other news, insider Jonathon Nudi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $69.21, for a total transaction of $692,100.00. Following the transaction, the insider now owns 93,381 shares of the company’s stock, valued at $6,462,899.01. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Jonathon Nudi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $69.21, for a total transaction of $692,100.00. Following the transaction, the insider now owns 93,381 shares of the company’s stock, valued at $6,462,899.01. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey L. Harmening sold 60,056 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $64.44, for a total value of $3,870,008.64. Following the transaction, the chief executive officer now directly owns 318,483 shares in the company, valued at approximately $20,523,044.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,782 shares of company stock valued at $5,057,820. 0.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in General Mills by 24.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 120,570 shares of the company’s stock worth $7,849,000 after purchasing an additional 23,599 shares in the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of General Mills in the 4th quarter worth $311,000. SageView Advisory Group LLC lifted its position in General Mills by 24.0% during the 4th quarter. SageView Advisory Group LLC now owns 15,615 shares of the company’s stock worth $1,020,000 after acquiring an additional 3,020 shares during the period. Secured Retirement Advisors LLC acquired a new stake in General Mills during the 4th quarter worth about $235,000. Finally, Sanibel Captiva Trust Company Inc. acquired a new stake in General Mills during the 4th quarter worth about $1,282,000. Institutional investors own 75.71% of the company’s stock.

General Mills Company Profile

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, 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 and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.