75,574 Shares in Casey's General Stores, Inc. $CASY Acquired by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management acquired 75,574 Casey’s General Stores shares worth approximately $60.1 million, while institutional investors and hedge funds collectively own 85.63% of the company.
• Analysts maintain a favorable outlook, with 14 Buy ratings and six Holds. The consensus rating is “Moderate Buy,” with an average price target of $944.20.
• Casey’s exceeded quarterly earnings expectations, reporting $4.37 in EPS and $4.57 billion in revenue, up 14.5% year over year. The company also raised its quarterly dividend to $0.65 per share, although insiders sold roughly $24.4 million of stock over the past three months.

TimesSquare Capital Management LLC acquired a new position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 75,574 shares of the company's stock, valued at approximately $60,065,000. TimesSquare Capital Management LLC owned approximately 0.20% of Casey's General Stores as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CASY. Northwestern Mutual Wealth Management Co. boosted its position in shares of Casey's General Stores by 179,938.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock worth $1,469,747,000 after buying an additional 2,657,687 shares during the period. Norges Bank acquired a new position in Casey's General Stores during the fourth quarter valued at $265,163,000. Bank of New York Mellon Corp purchased a new stake in Casey's General Stores in the 2nd quarter worth about $281,011,000. Franklin Resources Inc. lifted its stake in Casey's General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock worth $590,671,000 after acquiring an additional 310,470 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Casey's General Stores by 175.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock worth $260,622,000 after acquiring an additional 300,249 shares during the period. 85.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CASY has been the topic of several research analyst reports. The Goldman Sachs Group lifted their target price on Casey's General Stores from $695.00 to $795.00 and gave the company a "neutral" rating in a research note on Thursday, June 25th. BMO Capital Markets raised shares of Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price target for the company in a research report on Monday, June 29th. Evercore restated an "outperform" rating and set a $990.00 price target on shares of Casey's General Stores in a report on Friday, June 12th. KeyCorp boosted their price objective on shares of Casey's General Stores from $950.00 to $970.00 and gave the company an "overweight" rating in a research report on Thursday, June 11th. Finally, UBS Group upped their price objective on shares of Casey's General Stores from $805.00 to $945.00 and gave the company a "neutral" rating in a research note on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $944.20.

Insider Transactions at Casey's General Stores

In other news, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the transaction, the insider owned 9,823 shares in the company, valued at $7,735,514.27. This represents a 23.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Allison M. Wing sold 530 shares of the firm's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the transaction, the director owned 3,042 shares in the company, valued at $2,547,918.36. This represents a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 30,243 shares of company stock valued at $24,421,877. Insiders own 0.67% of the company's stock.

Casey's General Stores Stock Performance

Shares of NASDAQ CASY opened at $870.01 on Tuesday. The business's 50-day moving average price is $839.94 and its two-hundred day moving average price is $770.63. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. Casey's General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85. The company has a market capitalization of $32.20 billion, a P/E ratio of 45.41, a price-to-earnings-growth ratio of 2.54 and a beta of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the firm posted $2.63 EPS. The business's revenue was up 14.5% compared to the same quarter last year. Analysts anticipate that Casey's General Stores, Inc. will post 21.14 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 0.3%. Casey's General Stores's payout ratio is 13.57%.

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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