What Is the Highest General Mills Stock Has Ever Been?

Key Points

• General Mills hit an all-time high in early 2023, as inflation was raging.

• The company's stock price has fallen dramatically since, opening up a potential buying opportunity.

• The dividend yield is near the highest levels in the company's history.

• 10 stocks we like better than General Mills ›

General Mills (NYSE: GIS) is a large packaged-food maker, operating a portfolio of brands that make it a vital partner to grocery stores around the world. It has the marketing, innovation, and distribution chops to stand toe to toe with any of its competitors. The highest price the stock has ever reached was in 2023, when the stock hit $90.61 per share. That peak was driven, at least partly, by the spike in inflation following the coronavirus pandemic, which allowed consumer staples makers to aggressively raise prices.

Don't overlook an opportunity

The shares have now tumbled from that high-water mark by roughly 45%. A steep price decline like that can be a worrying sign, but in this case, it is likely an opportunity. General Mills is a well run and financially strong company with a long history of reliably paying dividends.

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Image source: Getty Images.

Although the dividend hasn't increased every year, it has trended generally higher for decades. It just so happens that the recent price drop has pushed the dividend yield, which is an attractive 5% or so, up toward the highest levels in the company's recent history.

Backing up the view that General Mills is cheap today is the fact that its price-to-sales and price-to-earnings ratios are both below their five-year averages. If you are looking for a high-yield stock today, General Mills should probably be on your short list. The key, however, is the company's proven ability to adjust its brand portfolio so it keeps up with changing consumer tastes, which is exactly what has long supported its generally rising dividend.

Should you invest $1,000 in General Mills right now?

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Reuben Gregg Brewer has positions in General Mills. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.