Casey's General Stores (NASDAQ:CASY) Reaches New 12-Month High Following Better-Than-Expected Earnings

Key Points

• Casey's General Stores reached a new 52-week high of $533.45 after reporting better-than-expected quarterly earnings, with an EPS of $5.77 compared to the analysts' estimate of $5.02.
• The company's revenue rose by 11.5% year-over-year to $4.57 billion, exceeding analysts' expectations of $4.47 billion for the quarter.
• Analysts have issued several upgrades, with Royal Bank of Canada raising the price target to $542.00, while the stock maintains a consensus rating of "Moderate Buy."

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $533.05 and last traded at $533.45, with a volume of 823599 shares trading hands. The stock had previously closed at $521.50.

The company reported $5.77 EPS for the quarter, beating analysts' consensus estimates of $5.02 by $0.75. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.47 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.83 earnings per share.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CASY shares. Royal Bank Of Canada boosted their price target on shares of 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. The Goldman Sachs Group boosted their price target on shares of 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. BMO Capital Markets boosted their price target on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research report on Wednesday, June 11th. KeyCorp boosted their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of Casey's General Stores in a research report on Monday. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $470.67.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, Director Mike Spanos purchased 200 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was acquired at an average cost of $503.18 per share, with a total value of $100,636.00. Following the completion of the purchase, the director directly owned 3,560 shares in the company, valued at approximately $1,791,320.80. This represents a 5.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Darren M. Rebelez sold 20,000 shares of the business's 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 sale, the chief executive officer directly owned 89,840 shares of the company's stock, valued at approximately $45,623,447.20. This trade represents a 18.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,646 shares of company stock valued at $22,136,614 over the last 90 days. Company insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Casey's General Stores

Large investors have recently bought and sold shares of the company. Versant Capital Management Inc bought a new stake in Casey's General Stores in the first quarter valued at approximately $25,000. Nvwm LLC bought a new stake in Casey's General Stores in the second quarter valued at approximately $32,000. Global Financial Private Client LLC increased its stake in Casey's General Stores by 325.0% in the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares in the last quarter. Rossby Financial LCC increased its position in shares of Casey's General Stores by 580.0% during the second quarter. Rossby Financial LCC now owns 68 shares of the company's stock worth $35,000 after acquiring an additional 58 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of Casey's General Stores during the first quarter worth $32,000. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Price Performance

The company's 50-day moving average price is $513.60 and its 200-day moving average price is $469.20. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48. The company has a market cap of $20.01 billion, a P/E ratio of 36.74 and a beta of 0.66.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.