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

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The company traded as high as $512.88 and last traded at $505.00, with a volume of 457861 shares. The stock had previously closed at $506.99.

Analyst Upgrades and Downgrades

Several research firms have commented on CASY. BMO Capital Markets lifted their price objective on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group upped their target price on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a research note on Wednesday, June 11th. Evercore ISI boosted their price objective on Casey's General Stores from $450.00 to $460.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Wells Fargo & Company upped their price target on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, Stephens reissued 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $453.00.

Casey's General Stores Stock Performance

The company has a quick ratio of 0.49, a current ratio of 0.88 and a debt-to-equity ratio of 0.74. The stock has a fifty day moving average of $453.67 and a 200-day moving average of $426.43. The stock has a market cap of $18.90 billion, a PE ratio of 35.38, a price-to-earnings-growth ratio of 2.40 and a beta of 0.65.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.69. Casey's General Stores had a return on equity of 17.17% and a net margin of 3.57%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the prior year, the business earned $2.34 earnings per share. The business's revenue was up 10.9% on a year-over-year basis. On average, equities analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 annualized dividend and a dividend yield of 0.45%. Casey's General Stores's payout ratio is 15.57%.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, insider Katrina S. Lindsey sold 250 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $437.01, for a total transaction of $109,252.50. Following the transaction, the insider now directly owns 2,443 shares of the company's stock, valued at $1,067,615.43. This represents a 9.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Allison M. Wing sold 1,000 shares of Casey's General Stores stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $502.16, for a total value of $502,160.00. Following the completion of the transaction, the director now owns 3,058 shares in the company, valued at $1,535,605.28. The trade was a 24.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Casey's General Stores

A number of institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc bought a new stake in shares of Casey's General Stores in the first quarter worth about $25,000. Global Financial Private Client LLC raised its holdings in Casey's General Stores by 325.0% in 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 during the period. Summit Securities Group LLC acquired a new stake in Casey's General Stores in the 1st quarter worth about $32,000. Iron Horse Wealth Management LLC raised its holdings in Casey's General Stores by 40.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after acquiring an additional 26 shares in the last quarter. Finally, WPG Advisers LLC bought a new stake in Casey's General Stores during the first quarter worth $47,000. 85.63% of the stock is owned by institutional investors.

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.

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