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Target Corporation (TGT) - free report >>
Walmart Inc. (WMT) - free report >>
General Mills, Inc. (GIS) - free report >>
Buy General Mills & Conagra Stock Before Earnings for Coronavirus Boost?
General Mills (GIS - Free Report) and Conagra (CAG - Free Report) both stand to benefit greatly from the coronavirus stay-at-home push that saw millions of people stock up on essentials. So, let’s see what to expect from both consumer staple giants’ upcoming fourth quarter fiscal 2020 financial results to see if investors might want to consider buying either stock.
General Mills portfolio includes everything from Cheerios to Totino’s. Meanwhile, Conagra owns Orville Redenbacher's, Marie Callender's, and much more. This makes both companies ideal candidates to post big coronavirus sales and earnings gains that saw the likes of Target (TGT - Free Report) , Kroger (KR - Free Report) , Walmart (WMT - Free Report) , and others climb.
With this in mind, our current Zacks estimates call for GIS adjusted Q4 FY20 earnings to jump 25.3% to $1.04 a share, on 17.3% higher sales for the period ended in late May. General Mills hasn’t posted that kind of growth in years.
Meanwhile, Conagra’s Q4 sales are projected to soar 22% to help lift its adjusted earnings by over 83% to $0.66 a share.
Despite this projected growth, both stocks have moved sideways for roughly two months, after surging initially as part of the market’s larger climb off its March 23 lows. Therefore, Wall Street might have already priced in these projected booms.
GIS shares are up 12% in 2020 and currently rest around 6% off their 52-week highs. And CAG stock is still down slightly on the year and 5% off its highs.
GIS is acurrently a Zacks Rank #3 (Hold) and its 3.3% dividend yield tops its industry’s 0.15% average heading into its Q4 report on Wednesday, July 1. Conagra is also a Zacks Rank #3 (Hold), with a 2.58% yield and is set to report on Tuesday, June 30.
Some might take a chance on CAG or GIS seeing a post-Q4 earnings jump. That said, Wall Street clearly hasn’t been impressed recently, which means investors might want to hold off for now.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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