Where Will General Mills Stock Be in 1 Year?
General Mills' (NYSE: GIS) stock price dipped 5% on Dec. 20 after it posted its latest earnings report. For the second quarter of fiscal 2023, which ended on Nov. 27, the packaged food maker's revenue rose 4% year over year to $5.22 billion, exceeding analysts' estimates by $30 million, as its organic sales increased 11%. Its adjusted EPS grew 12% in constant currency terms to $1.10 and cleared the consensus forecast by four cents.
General Mills' headline numbers were solid, but its stock might have been due for a breather after rallying more than 20% this year and hitting its all-time high of $87.55 on Dec. 8. Like many other blue-chip consumer staples stalwarts, General Mills outperformed the market because it was considered a safe haven play against inflation, rising interest rates, and other macroeconomic headwinds. But will it continue to outperform the market over the next 12 months?
Image source: Getty Images.
Source Fool.com
