General Mills (NYSE:GIS) declared that its board has approved a share buyback program, which authorizes the company to buyback shares on Friday, February 23rd, EventVestor reports. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Shares of General Mills (NYSE GIS) traded down $1.24 during trading on Monday, hitting $51.74. 3,551,653 shares of the stock were exchanged, compared to its average volume of 3,630,127. The company has a market capitalization of $30,150.00, a PE ratio of 19.14, a PEG ratio of 2.31 and a beta of 0.61. General Mills has a 52 week low of $49.65 and a 52 week high of $61.34. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.53 and a current ratio of 0.81.
General Mills (NYSE:GIS) last announced its earnings results on Wednesday, December 20th. The company reported $0.82 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.82. The company had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.08 billion. General Mills had a net margin of 10.29% and a return on equity of 38.89%. General Mills’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 earnings per share. equities analysts anticipate that General Mills will post 3.16 EPS for the current year.
A number of research firms have commented on GIS. Societe Generale cut shares of General Mills from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $52.98 to $48.00 in a research report on Monday. Jefferies Group reaffirmed a “buy” rating and set a $63.00 price objective on shares of General Mills in a research report on Friday. Credit Suisse Group reaffirmed a “neutral” rating and set a $58.00 price objective (down from $62.00) on shares of General Mills in a research report on Wednesday, February 21st. Susquehanna Bancshares set a $61.00 price objective on shares of General Mills and gave the stock a “hold” rating in a research report on Friday. Finally, BMO Capital Markets reaffirmed a “neutral” rating on shares of General Mills in a research report on Friday, December 22nd. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $57.70.
In other news, insider Bethany C. Quam sold 8,712 shares of the business’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $59.40, for a total value of $517,492.80. Following the completion of the sale, the insider now owns 36,089 shares of the company’s stock, valued at $2,143,686.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.
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General Mills Company Profile
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.
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