After reaffirming a full-year forecast, shares of packed-foods firm General Mills are only modestly higher. Investors remain wary of the sector.
General Mills stock is making modest gains on an otherwise down day for the market. The company’s reaffirmed full-year forecast is good news, but not one investors are particularly interested in given the lack of interest in packaged-food stocks.
General Mills may very well see a bargain when it comes to buying back its stock: The shares are down more than 20% since the start of the year, compared with the S&P 500’s 17% jump. It’s not hard to see why investors have soured on packaged-food companies in particular. After a massive run-up during the pandemic, when everyone was buying their favorite brands to eat at home, they faced a drop off when things returned to normal. That problem was exacerbated by inflation, which led many consumers to turn to cheaper private-label offerings or buy alternative foods.
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