9,654 Shares in Casey's General Stores, Inc. $CASY Acquired by EP Wealth Advisors LLC

Key Points

• EP Wealth Advisors acquired 9,654 shares of Casey’s General Stores in the second quarter, worth approximately $7.7 million. Institutional investors collectively own 85.63% of CASY.
• Analyst sentiment is positive, with a “Moderate Buy” consensus from 14 Buy and six Hold ratings and an average price target of $944.20, above the reported share price of $835.74.
• Casey’s reported stronger-than-expected quarterly results, including EPS of $4.37 versus the $3.31 estimate and 14.5% year-over-year revenue growth. The company also raised its quarterly dividend to $0.65, while insiders sold more than $24.4 million in stock over the past 90 days.

EP Wealth Advisors LLC bought a new stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,654 shares of the company's stock, valued at approximately $7,673,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CASY. Whipplewood Advisors LLC purchased a new stake in shares of Casey's General Stores in the 1st quarter worth $33,000. Bell Investment Advisors Inc bought a new position in Casey's General Stores in the 2nd quarter worth $33,000. Larson Financial Group LLC lifted its position in Casey's General Stores by 252.4% during the fourth quarter. Larson Financial Group LLC now owns 74 shares of the company's stock valued at $41,000 after purchasing an additional 53 shares in the last quarter. RMG Wealth Management LLC lifted its position in Casey's General Stores by 250.0% during the first quarter. RMG Wealth Management LLC now owns 56 shares of the company's stock valued at $41,000 after purchasing an additional 40 shares in the last quarter. Finally, Elyxium Wealth LLC bought a new stake in Casey's General Stores during the fourth quarter valued at about $43,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CASY. BNP Paribas Exane reduced their price target on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Capital One Financial started coverage on Casey's General Stores in a research note on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Casey's General Stores from $910.00 to $960.00 and gave the stock an "overweight" rating in a report on Thursday, June 11th. Morgan Stanley upgraded shares of Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Finally, 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 on the stock in a report on Monday, June 29th. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Casey's General Stores currently has an average rating of "Moderate Buy" and an average target price of $944.20.

Insider Buying and Selling at Casey's General Stores

In other news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the business's stock in a transaction 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 transaction, the chief financial officer owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. The trade was a 16.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Allison M. Wing sold 530 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was 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 of the company's stock, valued at approximately $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 90 days, insiders sold 30,243 shares of company stock worth $24,421,877. Insiders own 0.67% of the company's stock.

Casey's General Stores Price Performance

NASDAQ:CASY opened at $835.74 on Friday. The business's 50-day simple moving average is $837.28 and its two-hundred day simple moving average is $775.89. Casey's General Stores, Inc. has a 52 week low of $490.00 and a 52 week high of $927.85. The stock has a market cap of $30.93 billion, a PE ratio of 43.62, a P/E/G ratio of 2.83 and a beta of 0.61. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.63 earnings per share. As a group, analysts forecast that Casey's General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

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

Casey's General Stores Company Profile

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.

Want to see what other hedge funds are holding CASY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Casey's General Stores, Inc. (NASDAQ:CASY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source