We think General Mills has amassed a wide moat but expect center-store challenges to continue.
We were pleased to see wide-moat General Mills’ top-line return to growth in the second quarter, with organic net sales up 1% over last year, driven entirely by price/mix. While its operating margin contracted 130 basis points to 17.4%, we maintain that the firm’s cost savings initiatives should fuel further bottom-line gains over the next several years. Moreover, management cited a 7% uptick in advertising and media expense during the quarter as a drag on profitability. We support this brand sp...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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