General Mills, Inc. (NYSE:GIS) Declares $0.60 Quarterly Dividend

General Mills, Inc. (NYSE:GIS) declared a quarterly dividend on Tuesday, September 24th, NASDAQ reports. Stockholders of record on Thursday, October 10th will be paid a dividend of 0.60 per share on Friday, November 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Thursday, October 10th.

General Mills has raised its dividend payment by an average of 4.5% annually over the last three years. General Mills has a dividend payout ratio of 50.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect General Mills to earn $4.74 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 50.6%.

General Mills Stock Performance

NYSE:GIS traded down $0.42 during trading hours on Tuesday, reaching $73.77. 2,717,795 shares of the company’s stock were exchanged, compared to its average volume of 3,984,315. General Mills has a 1-year low of $60.33 and a 1-year high of $75.90. The company has a quick ratio of 0.38, a current ratio of 0.65 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $41.17 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 3.86 and a beta of 0.10. The company has a 50-day moving average of $70.14 and a 200 day moving average of $68.63.

General Mills (NYSE:GIS) last released its quarterly earnings results on Wednesday, September 18th. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. General Mills had a return on equity of 26.56% and a net margin of 12.57%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the company posted $1.09 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. Research analysts anticipate that General Mills will post 4.5 EPS for the current year.

Insider Activity

In other General Mills news, insider Pankaj Mn Sharma sold 2,325 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.63, for a total transaction of $173,514.75. Following the transaction, the insider now owns 36,184 shares of the company’s stock, valued at $2,700,411.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

GIS has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, September 19th. Bank of America boosted their target price on shares of General Mills from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Barclays raised their price target on General Mills from $67.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of General Mills from $70.00 to $63.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Finally, The Goldman Sachs Group initiated coverage on shares of General Mills in a report on Monday, August 12th. They issued a “buy” rating and a $76.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $72.73.

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.