General Mills (NYSE:GIS) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

General Mills (NYSE:GIS) released its earnings results on Wednesday. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.01, Briefing.com reports. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.09 EPS.

General Mills Trading Down 0.1 %

Shares of GIS stock opened at $74.90 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.38 and a current ratio of 0.65. The company has a market capitalization of $41.81 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 3.86 and a beta of 0.10. General Mills has a 52-week low of $60.33 and a 52-week high of $75.90. The company has a 50-day simple moving average of $69.69 and a two-hundred day simple moving average of $68.44.

General Mills Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This is a boost from General Mills’s previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a yield of 3.20%. General Mills’s payout ratio is 55.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GIS. Mizuho cut their price target on shares of General Mills from $70.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 3rd. The Goldman Sachs Group began coverage on General Mills in a research note on Monday, August 12th. They set a “buy” rating and a $76.00 target price for the company. Barclays dropped their price target on General Mills from $72.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Friday, June 28th. JPMorgan Chase & Co. reduced their price objective on shares of General Mills from $70.00 to $63.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Finally, Citigroup boosted their target price on shares of General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $71.93.

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 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.