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logoArgusSeptember 25, 2020

General Mills, Inc.: 4% dividend increase with debt reduction on track

Consumer Defensive
Current Price
Price Target
Earnings Estimate

General Mills, based in Minneapolis, is a leader in the packaged food industry, with FY20 sales of $17.6 billion. The company's major brands include Wheaties, Cheerios, Haagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Progresso, Nature Valley, Yoplait and Lucky Charms, which generations of American children know to be 'Magically Delicious.' In April 2018, the company acquired, for $8 billion, Blue Buffalo, a maker of premium pet products. 'Accelerate Platforms' (Snack Bars, Ice Cream, Mexican Food, Natural & Organic), 25% of sales, Cereal 15%, Other Snacks and Meals 17%, Yogurt 12%, Baking Mixes and Dough 20%, and Pet Food 8%. By reporting segment, North America Retail generates 59% of sales, Europe & Australia 11%, Convenience Stores and Foodservice 12%, Asia & Latin America 10%, and Pet Food 8%. The company's fiscal year ends on the last Sunday of May. Fiscal 2020 was a 53-week fiscal year with the extra week falling in 4Q.

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Analyst Profile

Chris Graja, CFA

Senior Analyst: Retail
Chris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.