Casey's General Stores, Inc. (NASDAQ:CASY) Stock Has Average Target Price of $840.69 According to Brokerages

Key Points

• Analysts remain moderately bullish: Casey’s General Stores has a consensus “Moderate Buy” rating from 21 analysts, with 15 buys and six holds. The average 12-month price target is $840.69.
• Quarterly results exceeded expectations: The company reported adjusted earnings of $7.37 per share versus the $6.78 consensus estimate, while revenue rose 24.3% year over year to $5.68 billion.
• Insiders sold shares while institutions dominate ownership: Company insiders sold 25,230 shares worth approximately $20.45 million over the past three months, whereas institutional investors and hedge funds own 85.63% of the stock.

Shares of Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty-one analysts that are presently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $840.69.

A number of equities analysts have recently weighed in on the company. Raymond James Financial upgraded Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $750.00 price target for the company in a report on Thursday, September 10th. BNP Paribas Exane cut their price objective on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a research report on Thursday, June 25th. Wolfe Research restated an "outperform" rating and set a $1,069.00 target price on shares of Casey's General Stores in a research note on Thursday, June 11th. William Blair restated an "outperform" rating on shares of Casey's General Stores in a research note on Wednesday, September 16th. Finally, Morgan Stanley raised shares of Casey's General Stores to a "buy" rating in a report on Wednesday, June 10th.

Insider Activity

In other news, CEO Darren Rebelez sold 19,000 shares of the company's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the completion of the sale, the chief executive officer directly owned 89,174 shares of the company's stock, valued at approximately $71,469,394.04. This represents a 17.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO P Jr sold 5,700 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value of $4,777,512.00. Following the sale, the chief financial officer directly owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. This represents a 16.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 25,230 shares of company stock valued at $20,449,169. Insiders own 0.67% of the company's stock.

Institutional Trading of Casey's General Stores

Hedge funds have recently modified their holdings of the business. Fiduciary Financial Advisors purchased a new stake in shares of Casey's General Stores during the 2nd quarter worth $26,000. Bell Investment Advisors Inc purchased a new position in shares of Casey's General Stores during the 2nd quarter worth approximately $33,000. Anchor Investment Management LLC raised its holdings in shares of Casey's General Stores by 72.0% in the second quarter. Anchor Investment Management LLC now owns 43 shares of the company's stock worth $34,000 after acquiring an additional 18 shares during the last quarter. Caitlin John LLC acquired a new position in shares of Casey's General Stores in the second quarter worth $35,000. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Casey's General Stores in the first quarter valued at $33,000. 85.63% of the stock is owned by institutional investors and hedge funds.

Casey's General Stores Stock Up 1.4%

NASDAQ CASY opened at $608.46 on Thursday. The business's fifty day simple moving average is $753.36 and its 200-day simple moving average is $778.58. The company has a quick ratio of 0.61, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. The firm has a market cap of $22.49 billion, a PE ratio of 29.31, a P/E/G ratio of 1.96 and a beta of 0.59. Casey's General Stores has a 52 week low of $497.38 and a 52 week high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $7.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.78 by $0.59. Casey's General Stores had a net margin of 4.14% and a return on equity of 19.68%. The firm had revenue of $5.68 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same quarter in the prior year, the firm posted $5.77 earnings per share. Casey's General Stores's quarterly revenue was up 24.3% on a year-over-year basis. As a group, equities analysts anticipate that Casey's General Stores will post 21.43 earnings per share for the current year.

Casey's General Stores Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Sunday, November 1st will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, October 30th. Casey's General Stores's payout ratio is presently 12.52%.

About Casey's General Stores

Casey’s General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company’s stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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