Casey's General Stores (NASDAQ:CASY) Stock Rating Upgraded by Zacks Research

Key Points

• Casey's General Stores has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating increased investor confidence.
• Several analysts have raised their target prices for the stock, with Jefferies Financial Group setting the new target at $600.00.
• The company reported a notable quarterly earnings per share of $5.77, surpassing expectations and reflecting an 11.5% revenue growth year-over-year.

Casey's General Stores (NASDAQ:CASY - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on CASY. Jefferies Financial Group upped their target price on shares of Casey's General Stores from $575.00 to $600.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. KeyCorp upped their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a report on Friday, July 25th. The Goldman Sachs Group increased their target price on shares of Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Stephens reissued an "overweight" rating and issued a $570.00 price objective on shares of Casey's General Stores in a report on Wednesday, October 8th. Finally, Wells Fargo & Company initiated coverage on Casey's General Stores in a report on Wednesday. They set an "overweight" rating and a $610.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $536.10.

Casey's General Stores Price Performance

Casey's General Stores stock opened at $561.33 on Wednesday. The company's fifty day moving average price is $533.12 and its 200 day moving average price is $496.90. Casey's General Stores has a 1 year low of $372.08 and a 1 year high of $572.18. The stock has a market capitalization of $20.87 billion, a P/E ratio of 36.03 and a beta of 0.68. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.61 and a current ratio of 1.03.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its earnings results on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.02 by $0.75. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.47 billion. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.83 earnings per share. As a group, equities research analysts anticipate that Casey's General Stores will post 13.94 earnings per share for the current fiscal year.

Insider Transactions at Casey's General Stores

In related news, insider Chad Michael Frazell sold 3,487 shares of the business's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the completion of the transaction, the insider owned 7,993 shares in the company, valued at $4,439,312.20. The trade was a 30.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Institutional Trading of Casey's General Stores

Several institutional investors have recently modified their holdings of CASY. GAMMA Investing LLC raised its position in Casey's General Stores by 25.7% during the first quarter. GAMMA Investing LLC now owns 1,253 shares of the company's stock valued at $544,000 after buying an additional 256 shares during the period. SG Americas Securities LLC lifted its position in shares of Casey's General Stores by 478.2% in the 1st quarter. SG Americas Securities LLC now owns 1,937 shares of the company's stock worth $841,000 after acquiring an additional 1,602 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Casey's General Stores by 12.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,237 shares of the company's stock worth $1,405,000 after acquiring an additional 362 shares during the period. Sagespring Wealth Partners LLC acquired a new position in shares of Casey's General Stores in the 1st quarter worth approximately $202,000. Finally, QRG Capital Management Inc. increased its holdings in Casey's General Stores by 10.8% during the 1st quarter. QRG Capital Management Inc. now owns 1,028 shares of the company's stock valued at $446,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

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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