Allworth Financial LP Invests $1.13 Million in Casey's General Stores, Inc. $CASY

Key Points

• Allworth Financial initiated a $1.13 million position in Casey’s General Stores during the second quarter, while institutional investors collectively own 85.63% of the company.
• Analyst sentiment is favorable: Casey’s has a “Moderate Buy” consensus rating, with 14 Buy ratings and an average price target of $944.20.
• Casey’s reported quarterly EPS of $4.37, exceeding estimates by $1.06, while revenue rose 14.5% year over year. The company also increased its quarterly dividend to $0.65 per share.

Allworth Financial LP bought a new position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,424 shares of the company's stock, valued at approximately $1,132,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Kathmere Capital Management LLC raised its position in Casey's General Stores by 3.5% in the 1st quarter. Kathmere Capital Management LLC now owns 387 shares of the company's stock worth $282,000 after purchasing an additional 13 shares during the period. Pinnacle Bancorp Inc. boosted its position in Casey's General Stores by 4.8% during the first quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company's stock valued at $221,000 after buying an additional 14 shares during the period. Lincoln Capital LLC boosted its position in Casey's General Stores by 4.0% during the second quarter. Lincoln Capital LLC now owns 366 shares of the company's stock valued at $291,000 after buying an additional 14 shares during the period. Menard Financial Group LLC grew its stake in shares of Casey's General Stores by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 1,267 shares of the company's stock valued at $700,000 after buying an additional 15 shares during the last quarter. Finally, Cibc World Market Inc. grew its stake in shares of Casey's General Stores by 0.3% during the fourth quarter. Cibc World Market Inc. now owns 5,136 shares of the company's stock valued at $2,839,000 after buying an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insider Transactions at Casey's General Stores

In related news, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the completion of the transaction, the insider directly owned 9,823 shares of the company's stock, valued at $7,735,514.27. This represents a 23.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Darren M. Rebelez sold 19,000 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the completion of the sale, the chief executive officer owned 89,174 shares of the company's stock, valued at $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on CASY. Capital One Financial began coverage on Casey's General Stores in a report on Monday, June 22nd. They issued an "equal weight" rating and a $896.00 price objective on the stock. The Goldman Sachs Group increased their target price on Casey's General Stores from $695.00 to $795.00 and gave the company a "neutral" rating in a report on Thursday, June 25th. Northcoast Research upgraded Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 price target on the stock in a research report on Monday, July 13th. Morgan Stanley raised Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Finally, William Blair started coverage on Casey's General Stores in a research report on Wednesday, May 20th. They issued an "outperform" rating for the company. Fourteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $944.20.

Casey's General Stores Price Performance

Shares of CASY stock opened at $835.74 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. Casey's General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The firm has a market cap of $30.93 billion, a P/E ratio of 43.62, a P/E/G ratio of 2.86 and a beta of 0.61. The business's 50 day moving average price is $837.28 and its 200-day moving average price is $775.89.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating analysts' consensus estimates of $3.31 by $1.06. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The firm's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.63 earnings per share. On average, equities research analysts anticipate that Casey's General Stores, Inc. will post 21.11 earnings per share for the current year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were given a $0.65 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. 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 13.57%.

Casey's General Stores 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.

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