Casey's General Stores (NASDAQ:CASY) Price Target Lowered to $833.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Casey’s General Stores’ price target from $975 to $833 while maintaining a “neutral” rating, implying 9.83% potential upside from the prior close.
• Analysts overall remain moderately bullish, with 14 Buy ratings and six Holds; the consensus price target is $933.40.
• Casey’s reported strong quarterly results, including EPS of $4.37 versus the $3.31 estimate and revenue of $4.57 billion, up 14.5% year over year.

Casey's General Stores (NASDAQ:CASY - Get Free Report) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $975.00 to $833.00 in a report released on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 9.83% from the company's previous close.

CASY has been the topic of a number of other research reports. Weiss Ratings downgraded shares of Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, July 21st. Evercore reissued an "outperform" rating and set a $990.00 price objective on shares of Casey's General Stores in a research note on Friday, June 12th. The Goldman Sachs Group upped their price objective on Casey's General Stores from $695.00 to $795.00 and gave the stock a "neutral" rating in a report on Thursday, June 25th. Wolfe Research reaffirmed an "outperform" rating and issued a $1,069.00 target price on shares of Casey's General Stores in a research report on Thursday, June 11th. Finally, Stephens set a $975.00 price target on Casey's General Stores and gave the company an "overweight" rating in a research report on Friday, June 12th. Fourteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus target price of $933.40.

Casey's General Stores Trading Up 0.6%

NASDAQ:CASY traded up $4.83 during mid-day trading on Thursday, reaching $758.42. The company's stock had a trading volume of 374,159 shares, compared to its average volume of 492,244. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. The stock has a market cap of $28.07 billion, a P/E ratio of 39.58, a P/E/G ratio of 2.62 and a beta of 0.59. The company's fifty day simple moving average is $828.07 and its two-hundred day simple moving average is $784.33. Casey's General Stores has a twelve month low of $494.64 and a twelve month high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating analysts' consensus estimates of $3.31 by $1.06. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the company posted $2.63 EPS. The company's quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Casey's General Stores will post 21.11 EPS for the current year.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, insider Chad Frazell sold 3,013 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the completion of the sale, the insider owned 9,823 shares of the company's stock, valued at $7,735,514.27. This trade represents a 23.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Allison M. Wing sold 530 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the sale, the director owned 3,042 shares in the company, valued at $2,547,918.36. This represents a 14.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,243 shares of company stock worth $24,421,877. Insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On Casey's General Stores

A number of large investors have recently added to or reduced their stakes in CASY. Geode Capital Management LLC raised its stake in Casey's General Stores by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock valued at $420,416,000 after buying an additional 52,250 shares in the last quarter. Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Casey's General Stores in the 2nd quarter worth approximately $1,222,000. Burns J W & Co. Inc. NY grew its position in shares of Casey's General Stores by 103.5% in the 1st quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company's stock worth $1,782,000 after acquiring an additional 1,245 shares in the last quarter. North Dakota State Investment Board bought a new stake in shares of Casey's General Stores in the 4th quarter valued at approximately $720,000. Finally, Jackson Creek Investment Advisors LLC bought a new stake in shares of Casey's General Stores in the 4th quarter valued at approximately $1,338,000. 85.63% of the stock is owned by institutional investors and hedge funds.

Casey's General Stores Company Profile

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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