This is almost certainly NOT the most efficient method. Hopefully, someone else will take pity on me and post a better solution!
The Convert Coordinate Notation function will take packed DMS, but wants it as DDMMSS.sss where this data might be DD.MMSSs. So.
1. Create 2 new fields in the csv file. I used lat_2 (column E) and lon_2 (F).
2. In the new latitude column, 2nd row, type =E2*10000.
3. Copy E2 and paste to the rest of the cells in the columns.
4. In the new longitude column, 2nd row, type =F2*(-10000).
5. Repeat step 3 but using F2.
6. In ArcMap, open the ArcToolbox/geoprocessing window. Search or browse to Data Management toolbox, Projections and Transformations toolset, Convert Coordinate Notation tool.
7. In the tool, use the following settings (change output shapefile name, fields, etc.)
The most important ones are that you want DMS_2 and DD_2 for the input and output formats, respectively. That's it! This will create a new shapefile (or you could give a geodatabase/feature class location instead).
Melita