Casey's General Stores (NASDAQ:CASY) Reaches New 52-Week High on Strong Earnings

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $509.08 and last traded at $499.99, with a volume of 350213 shares changing hands. The stock had previously closed at $439.29.

The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69. Casey's General Stores had a net margin of 3.57% and a return on equity of 17.17%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.95 billion. During the same quarter last year, the business posted $2.34 EPS. The firm's revenue for the quarter was up 10.9% on a year-over-year basis.

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 paid 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 is Friday, August 1st. This represents a $2.28 annualized dividend and a dividend yield of 0.45%. Casey's General Stores's dividend payout ratio (DPR) is presently 13.94%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CASY. 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 research report on Wednesday, March 12th. Stephens restated an "overweight" rating and set a $490.00 price target on shares of Casey's General Stores in a report on Tuesday. Wells Fargo & Company upped their price objective on Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research note on Wednesday. Gordon Haskett upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Finally, Evercore ISI boosted their target price on shares of Casey's General Stores from $450.00 to $460.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Casey's General Stores has a consensus rating of "Moderate Buy" and a consensus price target of $447.62.

Insiders Place Their Bets

In related news, insider Katrina S. Lindsey sold 250 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $437.01, for a total transaction 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 trade represents a 9.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mike Spanos purchased 256 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $390.54 per share, with a total value of $99,978.24. Following the acquisition, the director now directly owns 3,356 shares of the company's stock, valued at $1,310,652.24. This trade represents a 8.26% increase in their position. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Casey's General Stores

Several institutional investors and hedge funds have recently made changes to their positions in CASY. Vanguard Group Inc. boosted its position in Casey's General Stores by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 3,799,104 shares of the company's stock worth $1,505,319,000 after purchasing an additional 44,295 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Casey's General Stores by 1.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,776,323 shares of the company's stock valued at $703,833,000 after purchasing an additional 31,131 shares during the period. Wellington Management Group LLP boosted its holdings in Casey's General Stores by 190.6% during the first quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after buying an additional 816,110 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Casey's General Stores by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after buying an additional 306,628 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Casey's General Stores by 29.5% during the fourth quarter. Franklin Resources Inc. now owns 678,778 shares of the company's stock valued at $268,952,000 after buying an additional 154,541 shares during the period. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Casey's General Stores Stock Up 2.3%

The business's fifty day simple moving average is $448.42 and its two-hundred day simple moving average is $424.74. The company has a market cap of $18.61 billion, a PE ratio of 34.89, a PEG ratio of 2.40 and a beta of 0.65. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.49.

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.