General Mills Declares Two-for-One Stock Split
According to a release issued by General Mills, since the company was incorporated in 1928, its common stock has split seven previous times, most recently as a two-for-one split on November 8, 1999. From a split-adjusted closing price of $41.69 on that date, shares of GIS appreciated 71 percent to $71.16 as of market close on April 30, 2010. Over that same time period, the S&P 500 Index declined 14 percent from $1377.01 to $1186.69.
From November 1999 through April 2010, total return to General Mills’ shareholders through stock price appreciation and dividends compounded at an 8 percent annualized rate, compared to an annualized return of less than 1 percent for the S&P 500. General Mills’ annual cash dividend has grown from $1.08 in fiscal 1999 to $1.92 in fiscal 2010. The company and its predecessor firms have paid dividends without interruption or reduction for the past 111 years.