Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, June 28, 2024

Article Excerpt

GENERAL MILLS INC., $63.26, New York symbol GIS, is a hold. This consumer staples giant is one of the world’s largest foodmakers. Its top brands include Cheerios (cereal), Pillsbury (baking dough), Progresso (soups and salads) and Blue Buffalo (pet food), which it acquired in April 2018 for $8.0 billion. Higher food prices continue to prompt cost-conscious consumers to switch to private label brands. Retailers are also placing fewer orders as they use up their existing inventories. As a result, General Mills’ sales in its fiscal 2024 fourth quarter, ended May 26, 2024, fell 6.3%, to $4.71 billion from $5.03 billion a year earlier. That missed the consensus forecast of $4.86 billion. As well, higher interest costs and taxes cut earnings before unusual items by 9.8%, to $1.01 a share from $1.12. Even so, that topped the consensus estimate of $0.99. General Mills expects its sales in fiscal 2025 will rise about 0.5%. It also expects flat earnings growth. As a result, it will probably earn $4.52…