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

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

General Mills Stock Performance

Shares of NYSE GIS traded down $1.33 during mid-day trading on Wednesday, hitting $68.85. The company had a trading volume of 4,434,984 shares, compared to its average volume of 4,316,284. The company has a market capitalization of $39.10 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 2.42 and a beta of 0.15. General Mills has a 1 year low of $60.33 and a 1 year high of $90.89. 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 stock's 50-day moving average price is $66.29 and its 200-day moving average price is $65.11.

General Mills (NYSE:GIS - Get Free Report) last posted its earnings results on Wednesday, March 20th. The company reported $1.17 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $4.97 billion. During the same period in the previous year, the business earned $0.97 earnings per share. The firm's revenue was down .5% on a year-over-year basis. On average, sell-side analysts forecast that General Mills will post 4.51 earnings per share for the current year.

General Mills Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.43%. The ex-dividend date is Tuesday, April 9th. General Mills's payout ratio is 54.13%.

Analyst Upgrades and Downgrades

GIS has been the subject of several recent analyst reports. HSBC boosted their target price on General Mills from $74.00 to $76.00 and gave the stock a hold rating in a research report on Thursday, March 21st. Piper Sandler cut their price objective on General Mills from $77.00 to $76.00 and set an overweight rating for the company in a report on Friday, December 15th. Citigroup started 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. TD Cowen upped their price objective on General Mills from $68.00 to $70.00 and gave the stock a market perform rating in a report on Thursday, March 21st. Finally, Morgan Stanley upped their price objective on General Mills from $58.00 to $61.00 and gave the stock an underweight rating in a report on Thursday, March 21st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $72.18.

Insider Buying and Selling at General Mills

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

Institutional Trading of General Mills

Several institutional investors have recently added to or reduced their stakes in GIS. LM Advisors LLC bought a new stake in shares of General Mills in the fourth quarter worth about $55,000. Coppell Advisory Solutions Corp. bought a new position in General Mills in the fourth quarter worth approximately $51,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of General Mills during the first quarter worth $50,000. Dagco Inc. acquired a new position in shares of General Mills during the fourth quarter worth $47,000. Finally, Coppell Advisory Solutions LLC acquired a new position in shares of General Mills during the second quarter worth $47,000. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

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 salty snacks, ice cream and frozen desserts, nutrition bars, and savory snacks, as well as various organic products, including frozen and shelf-stable vegetables.