General Mills, Inc. (NYSE:GIS) announced a quarterly dividend on Tuesday, June 30th, RTT News reports. Stockholders of record on Friday, July 10th will be given a dividend of 0.49 per share on Monday, August 3rd. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.18%.
General Mills has increased its dividend payment by an average of 256.4% per year over the last three years and has increased its dividend every year for the last 15 years. General Mills has a payout ratio of 55.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect General Mills to earn $3.49 per share next year, which means the company should continue to be able to cover its $1.96 annual dividend with an expected future payout ratio of 56.2%.
NYSE:GIS traded up $0.91 during mid-day trading on Tuesday, reaching $61.65. 5,593,446 shares of the company's stock traded hands, compared to its average volume of 4,705,162. General Mills has a 12-month low of $46.59 and a 12-month high of $64.31. The firm has a market capitalization of $36.82 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 2.26 and a beta of 0.61. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.64 and a quick ratio of 0.41. The company has a 50 day moving average price of $61.29 and a 200-day moving average price of $56.06.
A number of research analysts recently issued reports on GIS shares. Cfra upgraded General Mills from a "hold" rating to a "buy" rating and boosted their price target for the company from $58.00 to $60.00 in a report on Friday, March 6th. Royal Bank of Canada upped their price objective on General Mills from $57.00 to $61.00 in a research report on Thursday, March 19th. Piper Sandler upped their price objective on General Mills from $67.00 to $71.00 and gave the company an "outperform" rating in a research report on Tuesday, May 19th. Stifel Nicolaus increased their price target on General Mills from $54.00 to $58.00 and gave the company a "hold" rating in a report on Thursday, March 19th. Finally, ValuEngine cut General Mills from a "hold" rating to a "sell" rating in a report on Monday, June 8th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company's stock. The stock has an average rating of "Hold" and an average price target of $60.39.
In other General Mills news, insider Bethany C. Quam sold 13,729 shares of General Mills stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $54.20, for a total value of $744,111.80. Following the transaction, the insider now directly owns 51,749 shares of the company's stock, valued at $2,804,795.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director R Kerry Clark sold 12,248 shares of General Mills stock in a transaction on Monday, April 6th. The stock was sold at an average price of $57.24, for a total transaction of $701,075.52. Following the completion of the transaction, the director now directly owns 62,945 shares in the company, valued at $3,602,971.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 131,481 shares of company stock worth $7,707,593. 0.52% of the stock is currently owned by corporate insiders.
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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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