General Mills, Inc. (NYSE:GIS) to Issue Dividend Increase - $0.61 Per Share

General Mills, Inc. (NYSE:GIS - Get Free Report) declared a quarterly dividend on Wednesday, June 25th, RTT News reports. Shareholders of record on Thursday, July 10th will be given a dividend of 0.61 per share on Friday, August 1st. This represents a $2.44 annualized dividend and a yield of 4.57%. This is a 1.7% increase from General Mills's previous quarterly dividend of $0.60.

General Mills has a payout ratio of 57.3% meaning its dividend is sufficiently covered by earnings. Analysts expect General Mills to earn $4.46 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 53.8%.

General Mills Stock Performance

GIS opened at $53.38 on Wednesday. The business has a 50 day moving average price of $54.73 and a two-hundred day moving average price of $58.63. The company has a market capitalization of $29.42 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 1.26 and a beta of 0.02. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.67 and a quick ratio of 0.44. General Mills has a 1-year low of $51.04 and a 1-year high of $75.90.

General Mills (NYSE:GIS - Get Free Report) last announced its earnings results on Wednesday, June 25th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.02. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.60 billion. General Mills had a net margin of 13.02% and a return on equity of 26.39%. The company's revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS. Research analysts predict that General Mills will post 4.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GIS. Jefferies Financial Group raised their target price on General Mills from $58.00 to $62.00 and gave the company a "hold" rating in a research note on Monday, March 10th. Mizuho reduced their price target on General Mills from $62.00 to $60.00 and set a "neutral" rating for the company in a research report on Thursday, March 20th. The Goldman Sachs Group lowered shares of General Mills from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $68.00 to $58.00 in a research report on Monday, June 9th. Piper Sandler reduced their price objective on General Mills from $84.00 to $71.00 and set an "overweight" rating for the company in a report on Tuesday, February 25th. Finally, Wells Fargo & Company cut their price target on General Mills from $61.00 to $55.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, General Mills has a consensus rating of "Hold" and a consensus target price of $62.63.

About General Mills

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 savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.

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