Wells Fargo & Company Issues Positive Forecast for Casey's General Stores (NASDAQ:CASY) Stock Price

Casey's General Stores (NASDAQ:CASY - Free Report) had its target price raised by Wells Fargo & Company from $460.00 to $540.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

CASY has been the subject of a number of other reports. Royal Bank of Canada set a $438.00 price objective on Casey's General Stores and gave the stock a "sector perform" rating in a report on Wednesday, March 12th. KeyCorp started coverage on shares of Casey's General Stores in a report on Friday, April 11th. They set an "overweight" rating and a $500.00 target price for the company. Stephens reiterated an "overweight" rating and set a $490.00 price objective on shares of Casey's General Stores in a research report on Tuesday. Wall Street Zen lowered Casey's General Stores from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Evercore ISI lifted their price target on Casey's General Stores from $450.00 to $460.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $452.43.

Casey's General Stores Price Performance

CASY traded up $7.46 on Wednesday, hitting $506.99. 603,815 shares of the company were exchanged, compared to its average volume of 302,085. The firm has a market capitalization of $18.82 billion, a P/E ratio of 35.33, a price-to-earnings-growth ratio of 2.40 and a beta of 0.65. The business's fifty day moving average is $451.87 and its 200 day moving average is $425.81. Casey's General Stores has a fifty-two week low of $350.52 and a fifty-two week high of $509.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.49 and a current ratio of 0.88.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a net margin of 3.57% and a return on equity of 17.17%. The business's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.34 earnings per share. As a group, sell-side analysts anticipate that Casey's General Stores will post 13.94 EPS for the current year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be given a $0.57 dividend. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.45%. Casey's General Stores's dividend payout ratio (DPR) is currently 13.94%.

Insider Buying and Selling

In other news, insider Katrina S. Lindsey sold 250 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $437.01, for a total value of $109,252.50. Following the completion of the sale, the insider now directly owns 2,443 shares of the company's stock, valued at approximately $1,067,615.43. This represents a 9.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Casey's General Stores

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc acquired a new stake in shares of Casey's General Stores during the 1st quarter worth approximately $25,000. Global Financial Private Client LLC boosted its position in shares of Casey's General Stores by 325.0% during the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after acquiring an additional 52 shares in the last quarter. Summit Securities Group LLC bought a new stake in Casey's General Stores in the first quarter valued at about $32,000. Iron Horse Wealth Management LLC raised its position in Casey's General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after purchasing an additional 26 shares in the last quarter. Finally, WPG Advisers LLC bought a new position in Casey's General Stores during the first quarter worth about $47,000. Institutional investors own 85.63% of the company's stock.

About Casey's General Stores

Casey's General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.