Baird Financial Group Inc. Sells 9,694 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Baird Financial Group Inc. reduced its stake in Casey's General Stores by 4.6%, selling 9,694 shares, and now owns approximately 0.54% of the company worth $87.48 million.
• CEO Darren M. Rebelez sold 20,000 shares at an average price of $507.83, marking an 18.21% decrease in his ownership.
• Casey's General Stores recently reported quarterly earnings, achieving earnings per share of $2.63, significantly beating the consensus estimate of $1.94, along with a revenue increase of 10.9% year-over-year.

Baird Financial Group Inc. lowered its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 4.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 201,554 shares of the company's stock after selling 9,694 shares during the period. Baird Financial Group Inc. owned about 0.54% of Casey's General Stores worth $87,483,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new position in Casey's General Stores during the first quarter worth about $25,000. Global Financial Private Client LLC grew its holdings in Casey's General Stores by 325.0% in the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after buying an additional 52 shares during the period. Summit Securities Group LLC acquired a new position in shares of Casey's General Stores in the 1st quarter valued at $32,000. Iron Horse Wealth Management LLC boosted its holdings in Casey's General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after acquiring an additional 26 shares during the last quarter. Finally, WPG Advisers LLC purchased a new position in Casey's General Stores in the first quarter valued at approximately $47,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Casey's General Stores news, insider Thomas P. Brennan, Jr. sold 6,600 shares of Casey's General Stores stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $506.03, for a total value of $3,339,798.00. Following the completion of the sale, the insider directly owned 2,100 shares in the company, valued at $1,062,663. The trade was a 75.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of the firm's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $509.21, for a total transaction of $4,317,082.38. Following the transaction, the chief financial officer owned 26,754 shares in the company, valued at $13,623,404.34. This represents a 24.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,646 shares of company stock valued at $22,136,614. 0.54% of the stock is currently owned by company insiders.

Casey's General Stores Stock Up 0.7%

NASDAQ:CASY traded up $3.46 on Tuesday, hitting $497.98. 342,397 shares of the company's stock traded hands, compared to its average volume of 345,262. Casey's General Stores, Inc. has a 1 year low of $350.52 and a 1 year high of $531.24. The company has a current ratio of 0.92, a quick ratio of 0.48 and a debt-to-equity ratio of 0.69. The company has a market cap of $18.51 billion, a PE ratio of 34.02 and a beta of 0.66. The firm has a 50-day moving average price of $513.87 and a 200-day moving average price of $466.32.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $1.94 by $0.69. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.95 billion. During the same period in the previous year, the company posted $2.34 EPS. Casey's General Stores's revenue was up 10.9% on a year-over-year basis. Equities analysts anticipate that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio (DPR) is presently 15.57%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wells Fargo & Company upped their price target on Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Royal Bank Of Canada lifted their target price on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group increased their price objective on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. KeyCorp raised their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Finally, BMO Capital Markets lifted their price objective on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research note on Wednesday, June 11th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $467.33.

Casey's General Stores Profile

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.