Casey's General Stores (NASDAQ:CASY) Sets New 12-Month High - Here's Why

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $526.82 and last traded at $512.30, with a volume of 413978 shares trading hands. The stock had previously closed at $526.16.

Analysts Set New Price Targets

A number of equities research analysts have commented on CASY shares. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Evercore ISI increased their price target on Casey's General Stores from $450.00 to $460.00 and gave the company an "outperform" rating in a research note on Tuesday, April 1st. Stephens reiterated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a research note on Tuesday, June 10th. Wells Fargo & Company increased their price objective on Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group increased their price objective on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $461.00.

Casey's General Stores Stock Performance

The stock has a market capitalization of $19.47 billion, a price-to-earnings ratio of 35.77 and a beta of 0.69. The firm has a fifty day moving average of $476.13 and a 200 day moving average of $438.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $1.94 by $0.69. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%. Casey's General Stores's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $2.34 earnings per share. On average, sell-side analysts anticipate that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 0.44%. 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. Casey's General Stores's dividend payout ratio (DPR) is 13.66%.

Insider Buying and Selling

In related news, CFO Stephen P. Bramlage, Jr. sold 760 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total transaction of $385,745.60. Following the completion of the transaction, the chief financial officer owned 25,994 shares in the company, valued at $13,193,514.64. This represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mike Spanos purchased 200 shares of Casey's General Stores stock in a transaction that occurred on Monday, June 30th. The shares were bought at an average price of $503.18 per share, with a total value of $100,636.00. Following the transaction, the director owned 3,560 shares in the company, valued at approximately $1,791,320.80. The trade was a 5.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 43,646 shares of company stock valued at $22,136,614 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Institutional Trading of Casey's General Stores

A number of institutional investors have recently made changes to their positions in CASY. Flagship Harbor Advisors LLC lifted its position in Casey's General Stores by 4.1% during the first quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company's stock worth $256,000 after buying an additional 23 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in Casey's General Stores by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,468 shares of the company's stock worth $628,000 after buying an additional 25 shares in the last quarter. Burns J W & Co. Inc. NY lifted its position in Casey's General Stores by 2.1% during the first quarter. Burns J W & Co. Inc. NY now owns 1,204 shares of the company's stock worth $522,000 after buying an additional 25 shares in the last quarter. Sunbelt Securities Inc. lifted its position in Casey's General Stores by 1.4% during the first quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company's stock worth $812,000 after buying an additional 26 shares in the last quarter. Finally, Iron Horse Wealth Management LLC lifted its position in Casey's General Stores by 40.0% during the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after buying an additional 26 shares in the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

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.