Casey's General Stores (NASDAQ:CASY) Sets New 52-Week High - Time to Buy?

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

Analyst Ratings Changes

A number of research firms recently weighed in on CASY. Royal Bank Of Canada upped their target price on shares of 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. KeyCorp upped 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 note on Friday. 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. The Goldman Sachs Group upped their target price on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Finally, 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 report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Stock Performance

The firm has a market capitalization of $19.63 billion, a PE ratio of 36.06 and a beta of 0.69. 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 50-day moving average price of $489.97 and a 200 day moving average price of $446.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, June 9th. The company reported $2.63 earnings per share 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 analyst estimates of $3.95 billion. During the same quarter last year, the company earned $2.34 EPS. The business's quarterly revenue was up 10.9% on a year-over-year basis. Research analysts expect that Casey's General Stores, Inc. will post 13.94 earnings per share for the current year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 1st will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Friday, August 1st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio is 13.66%.

Insider Buying and Selling

In related news, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $509.21, for a total transaction of $4,317,082.38. Following the completion of the sale, the chief financial officer directly owned 26,754 shares of the company's stock, valued at approximately $13,623,404.34. This represents a 24.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas P. Brennan, Jr. sold 6,600 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $506.03, for a total transaction of $3,339,798.00. Following the sale, the insider directly owned 2,100 shares of the company's stock, valued at approximately $1,062,663. This trade represents a 75.86% 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 worth $22,136,614 in the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Casey's General Stores

A number of institutional investors have recently modified their holdings of CASY. Wellington Management Group LLP increased its stake in shares of 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 valued at $540,081,000 after purchasing an additional 816,110 shares during the period. GAMMA Investing LLC increased its stake in Casey's General Stores by 54,448.8% during the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock valued at $236,054,000 after buying an additional 542,855 shares during the period. Norges Bank acquired a new position in Casey's General Stores during the 4th quarter valued at about $175,607,000. JPMorgan Chase & Co. increased its stake in Casey's General Stores by 42.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock valued at $449,851,000 after buying an additional 306,628 shares during the period. Finally, Third Point LLC acquired a new position in Casey's General Stores during the 1st quarter valued at about $130,212,000. Institutional investors and hedge funds 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.