Casey's General Stores (NASDAQ:CASY) Sets New 1-Year High - Here's What Happened

Shares of Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $530.17 and last traded at $524.00, with a volume of 456196 shares changing hands. The stock had previously closed at $523.42.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CASY shares. Evercore ISI increased their price objective 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 reaffirmed an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a research report on Tuesday, June 10th. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Royal Bank Of Canada lifted their price target on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Finally, KeyCorp increased their price objective on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Stock Up 0.3%

The firm has a fifty day moving average price of $491.40 and a 200-day moving average price of $448.60. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The firm has a market cap of $19.61 billion, a price-to-earnings ratio of 36.03 and a beta of 0.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings data on Monday, June 9th. 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 return on equity of 16.28% and a net margin of 3.43%. The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.95 billion. During the same quarter last year, the firm earned $2.34 earnings per share. The business's revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a $0.57 dividend. 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 yield of 0.43%. The ex-dividend date is Friday, August 1st. Casey's General Stores's payout ratio is currently 13.66%.

Insiders Place Their Bets

In other Casey's General Stores news, CEO Darren M. Rebelez sold 20,000 shares of Casey's General Stores stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the transaction, the chief executive officer directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. The trade was a 18.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Michael Frazell sold 4,808 shares of the 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 sale, the insider owned 11,480 shares of the company's stock, valued at approximately $5,785,575.60. This represents a 29.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,646 shares of company stock worth $22,136,614. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Casey's General Stores

Several institutional investors and hedge funds have recently added to or reduced their stakes in CASY. Versant Capital Management Inc bought a new stake in shares of Casey's General Stores in the 1st quarter valued at $25,000. Global Financial Private Client LLC increased its holdings in shares of Casey's General Stores by 325.0% during the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after purchasing an additional 52 shares during the period. Summit Securities Group LLC bought a new position in Casey's General Stores in the first quarter valued at approximately $32,000. Iron Horse Wealth Management LLC increased its stake in Casey's General Stores by 40.0% in the first 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 during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Casey's General Stores by 242.9% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 96 shares of the company's stock worth $49,000 after buying an additional 68 shares during the last quarter. 85.63% of the stock is currently owned by institutional investors.

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.