Casey's General Stores (NASDAQ:CASY) Price Target Raised to $575.00

Key Points

• Analysts at KeyCorp have raised the price target for Casey's General Stores from $550.00 to $575.00, indicating a potential upside of 9.30% from its current stock price.
• Recent earnings report showed that Casey’s posted earnings per share of $2.63, exceeding expectations and representing a year-over-year revenue increase of 10.9%.
• The company's stock has seen increased interest from institutional investors, with major firms like Vanguard and T. Rowe Price raising their stakes in Casey's General Stores.

Casey's General Stores (NASDAQ:CASY - Get Free Report) had its target price lifted by analysts at KeyCorp from $550.00 to $575.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's target price suggests a potential upside of 9.30% from the company's current price.

CASY has been the topic of several other reports. The Goldman Sachs Group upped their price target on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada upped their price target on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. Stephens restated an "overweight" rating and issued a $490.00 price objective on shares of Casey's General Stores in a research report on Tuesday, June 10th. Wells Fargo & Company upped their price objective on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $467.33.

Casey's General Stores Trading Up 0.4%

Shares of Casey's General Stores stock opened at $526.06 on Friday. Casey's General Stores has a 52-week low of $350.52 and a 52-week high of $530.17. The stock's 50-day simple moving average is $489.97 and its 200 day simple moving average is $446.85. The stock has a market capitalization of $19.56 billion, a P/E ratio of 35.93 and a beta of 0.69. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.69. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%. The firm had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.95 billion. During the same period in the prior year, the business posted $2.34 earnings per share. The company's revenue was up 10.9% on a year-over-year basis. As a group, research analysts anticipate that Casey's General Stores will post 13.94 EPS for the current year.

Insider Activity

In other news, CEO Darren M. Rebelez sold 20,000 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the completion of the sale, the chief executive officer owned 89,840 shares of the company's stock, valued at approximately $45,623,447.20. This represents a 18.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chad Michael Frazell sold 4,808 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the completion of the sale, the insider directly owned 11,480 shares of the company's stock, valued at $5,785,575.60. The trade was a 29.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,646 shares of company stock valued at $22,136,614. Corporate insiders own 0.56% of the company's stock.

Institutional Trading of Casey's General Stores

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Casey's General Stores by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 3,799,104 shares of the company's stock worth $1,505,319,000 after acquiring an additional 44,295 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Casey's General Stores by 1.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,776,323 shares of the company's stock worth $703,833,000 after purchasing an additional 31,131 shares in the last quarter. Wellington Management Group LLP raised its holdings in Casey's General Stores by 190.6% in the first quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after purchasing an additional 816,110 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Casey's General Stores by 42.0% in the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Casey's General Stores by 29.5% in the fourth quarter. Franklin Resources Inc. now owns 678,778 shares of the company's stock worth $268,952,000 after purchasing an additional 154,541 shares in the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Company Profile

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.

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