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Jeffrey L. Harmening, Chairman and CEO of General Mills Inc. (NYSE:GIS), recently executed a series of transactions involving the company’s common stock. On March 7, Harmening sold 11,379 shares at a price of $65.00 per share, amounting to a total value of $739,635. This sale was conducted under a 10b5-1 trading plan established on July 24, 2024. The transaction comes as General Mills, currently valued at $36.13 billion, trades at an attractive P/E ratio of 14.25. According to InvestingPro analysis, the stock appears fairly valued based on its comprehensive Fair Value model.
Prior to the sale, Harmening acquired the same number of shares through the exercise of non-qualified stock options at a price of $55.72 per share, with a total transaction value of approximately $634,037. The company, which has maintained dividend payments for 55 consecutive years, is scheduled to report its next earnings on March 19, 2025. Discover more insights about General Mills’ financial health and growth prospects with a comprehensive Pro Research Report, available exclusively on InvestingPro.
Following these transactions, Harmening directly owns 353,345.8011 shares, with additional holdings through trusts amounting to 312,620 and 7,550 shares, respectively. The stock currently trades at $65.58, having shown resilience with a 2.49% total return over the past year.
In other recent news, General Mills has made several strategic moves and announcements. The company recently finalized the sale of its Canadian yogurt operations, including the Yoplait and Liberté brands, to Sodiaal, and anticipates closing its U.S. yogurt business sale to Lactalis within the 2025 calendar year. This transaction has led General Mills to revise its fiscal 2025 outlook, projecting a decrease in adjusted diluted earnings per share between 4 percent and 2 percent in constant currency. Meanwhile, Jefferies raised the stock price target for General Mills from $58.00 to $62.00, although they maintained a Hold rating, noting potential guidance revisions due to declining retail sales trends in ready-to-eat cereal and snack bars.
Piper Sandler also adjusted its outlook by cutting the stock target from $84.00 to $71.00, maintaining an Overweight rating, and citing concerns about slower sales growth and inventory reductions. Additionally, General Mills announced a leadership change in its North America Pet segment, with Liz Mascolo set to become Segment President, succeeding Jon Nudi upon his retirement. In governance news, board member C. Kim Goodwin will not seek reelection at the upcoming Annual Meeting of Shareholders in September 2025, prompting the company to search for a new candidate.
These developments reflect General Mills’ ongoing efforts to navigate market challenges and strategic shifts. Despite the changes, the company maintains its fiscal 2025 expectations for organic net sales growth and constant-currency adjusted operating profit growth. General Mills continues to focus on its Accelerate strategy, emphasizing brand building and innovation.
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