General Mills, Inc. (NYSE:GIS – Get Rating) – Stock analysts at Jefferies Financial Group lifted their Q2 2023 earnings estimates for shares of General Mills in a research report issued to clients and investors on Thursday, November 10th. Jefferies Financial Group analyst R. Dickerson now expects that the company will post earnings per share of $1.05 for the quarter, up from their prior estimate of $1.04. The consensus estimate for General Mills’ current full-year earnings is $4.08 per share. Jefferies Financial Group also issued estimates for General Mills’ Q3 2023 earnings at $0.90 EPS, Q4 2023 earnings at $1.04 EPS, FY2023 earnings at $4.10 EPS, FY2024 earnings at $4.35 EPS, Q1 2025 earnings at $1.15 EPS and FY2025 earnings at $4.60 EPS.
A number of other research analysts also recently commented on GIS. Piper Sandler increased their price objective on shares of General Mills from $80.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, September 22nd. BMO Capital Markets raised their price target on shares of General Mills from $80.00 to $85.00 and gave the stock a “market perform” rating in a research report on Thursday, September 22nd. Credit Suisse Group raised their price target on shares of General Mills from $74.00 to $77.00 and gave the stock a “neutral” rating in a research report on Thursday, September 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of General Mills from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, September 22nd. Finally, Morgan Stanley lifted their price objective on shares of General Mills from $66.00 to $71.00 and gave the company an “underweight” rating in a research report on Thursday, September 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.38.
General Mills Trading Down 2.9 %
General Mills (NYSE:GIS – Get Rating) last released its quarterly earnings results on Wednesday, September 21st. The company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. General Mills had a net margin of 15.13% and a return on equity of 23.87%. The business had revenue of $4.72 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period last year, the business earned $0.99 EPS. The business’s revenue was up 3.9% on a year-over-year basis.
Hedge Funds Weigh In On General Mills
Hedge funds have recently made changes to their positions in the business. Dravo Bay LLC acquired a new position in shares of General Mills in the 1st quarter worth approximately $27,000. Core Alternative Capital boosted its holdings in shares of General Mills by 1,160.6% in the first quarter. Core Alternative Capital now owns 416 shares of the company’s stock worth $28,000 after buying an additional 383 shares during the period. Canton Hathaway LLC acquired a new position in shares of General Mills in the second quarter worth about $29,000. Capital Analysts LLC boosted its holdings in shares of General Mills by 95.0% in the second quarter. Capital Analysts LLC now owns 390 shares of the company’s stock worth $29,000 after buying an additional 190 shares during the period. Finally, Selway Asset Management acquired a new position in shares of General Mills in the third quarter worth about $31,000. Institutional investors and hedge funds own 75.48% of the company’s stock.
Insider Buying and Selling at General Mills
In other General Mills news, insider Jodi J. Benson sold 8,682 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $82.00, for a total transaction of $711,924.00. Following the transaction, the insider now owns 38,107 shares of the company’s stock, valued at approximately $3,124,774. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jonathon Nudi sold 25,902 shares of General Mills stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $77.50, for a total value of $2,007,405.00. Following the transaction, the insider now owns 82,530 shares of the company’s stock, valued at approximately $6,396,075. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jodi J. Benson sold 8,682 shares of General Mills stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $82.00, for a total transaction of $711,924.00. Following the completion of the transaction, the insider now directly owns 38,107 shares in the company, valued at approximately $3,124,774. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,575 shares of company stock valued at $7,701,172. Company insiders own 0.67% of the company’s stock.
General Mills Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th were paid a dividend of $0.54 per share. The ex-dividend date was Thursday, October 6th. This represents a $2.16 annualized dividend and a yield of 2.80%. General Mills’s payout ratio is 45.47%.
General Mills Company Profile
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.
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