Allison Wing Sells 530 Shares of Casey's General Stores (NASDAQ:CASY) Stock

Key Points

• Director Allison Wing sold 530 shares of Casey's General Stores at an average price of $837.58, worth about $443,917. After the sale, she still owned 3,042 shares, reducing her stake by 14.84%.
• Casey's reported strong quarterly results, with EPS of $4.37 beating estimates by $1.06 and revenue of $4.57 billion topping expectations. Revenue rose 14.5% year over year.
• The company also raised its quarterly dividend to $0.65 per share from $0.57, with an annualized payout of $2.60 and a dividend yield of about 0.3%.

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) Director Allison Wing sold 530 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total value of $443,917.40. Following the completion of the sale, the director directly owned 3,042 shares of the company's stock, valued at $2,547,918.36. This represents a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Casey's General Stores Stock Performance

CASY stock traded up $1.36 during trading on Friday, reaching $823.36. 115,866 shares of the stock were exchanged, compared to its average volume of 544,203. Casey's General Stores, Inc. has a twelve month low of $490.00 and a twelve month high of $927.85. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $30.47 billion, a P/E ratio of 42.95, a price-to-earnings-growth ratio of 2.53 and a beta of 0.62. The stock has a 50 day simple moving average of $822.83 and a 200-day simple moving average of $721.48.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $2.63 EPS. As a group, sell-side analysts anticipate that Casey's General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be paid a dividend of $0.65 per share. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, July 31st. Casey's General Stores's dividend payout ratio is presently 11.90%.

Analysts Set New Price Targets

A number of research firms have recently commented on CASY. Morgan Stanley raised shares of Casey's General Stores to a "buy" rating in a report on Wednesday, June 10th. Stephens set a $975.00 price objective on Casey's General Stores and gave the company an "overweight" rating in a report on Friday, June 12th. Capital One Financial began coverage on Casey's General Stores in a research report on Monday, June 22nd. They set an "equal weight" rating and a $896.00 target price for the company. BNP Paribas Exane lowered their price target on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a research report on Thursday, June 25th. Finally, KeyCorp increased their price objective on Casey's General Stores from $950.00 to $970.00 and gave the stock an "overweight" rating in a research note on Thursday, June 11th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $939.29.

Institutional Investors Weigh In On Casey's General Stores

A number of large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Casey's General Stores by 179,938.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock valued at $1,469,747,000 after acquiring an additional 2,657,687 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Casey's General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock valued at $590,671,000 after purchasing an additional 310,470 shares during the period. Geode Capital Management LLC boosted its position in shares of Casey's General Stores by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock worth $420,416,000 after purchasing an additional 52,250 shares during the last quarter. Invesco Ltd. grew its stake in shares of Casey's General Stores by 12.6% during the fourth quarter. Invesco Ltd. now owns 572,152 shares of the company's stock worth $316,234,000 after purchasing an additional 64,154 shares during the period. Finally, Norges Bank bought a new stake in Casey's General Stores in the fourth quarter valued at about $265,163,000. 85.63% of the stock is currently owned by institutional investors.

About Casey's General Stores

Casey's General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company's stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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