General Mills Stock Hits Record High After Earnings

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The company reported a third-quarter earnings beat and raised its forecast

The shares of General Mills, Inc (NYSE:GIS) are up 4.5% at $78.77 at last check, earlier hitting a record high of $79.49, following the packaged food producer’s upbeat third-quarter earnings report. The firm turned earnings of $1.11 per share for the quarter, topping expectations, while revenue came in line with estimates. It also hiked its full-year forecast, noting higher prices and strong demand for items like cereal and pet food, even as consumers pull back on other purchases. 

We took a quick look at the stock’s behavior just ahead of today’s earnings report, pointing out its impressive year-to-date and year-over-year lead. GIS has since extended those gains, now up roughly 17% in 2022, and up 36% in the last 12 months. Plus, today’s positive price action has the stock toppling pressure at the 50-day moving average.

Like we recently noted, the stock looks ripe for bull notes. Of the 12 in coverage, eight say “hold” or worse. Plus, the 12-month consensus price target of $73.35 is a 2.7% discount to last night’s close. 

Elsewhere, sentiment is more bullish. General Mills stock’s Schaeffer’s put/call open interest ratio of 0.50 stands higher than just 19% of readings from the past 12 months. In other words, options traders have rarely been more put-biased. 

What’s more, short sellers have been hitting the exits. Short interest dropped 11.2% in the last reporting period, and now makes up a slim 2.2% of the stock’s available float. 

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