Bank of New York Mellon Corp Buys Shares of 353,566 Casey's General Stores, Inc. $CASY

Bank of New York Mellon Corp acquired a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 353,566 shares of the company's stock, valued at approximately $281,011,000. Bank of New York Mellon Corp owned about 0.96% of Casey's General Stores at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC acquired a new stake in Casey's General Stores in the second quarter valued at $4,380,000. Bellars Harris Wealth Management LLC bought a new position in shares of Casey's General Stores during the second quarter worth about $5,046,000. GSA Capital Partners LLP bought a new position in Casey's General Stores during the 2nd quarter worth approximately $3,397,000. Tema ETFs LLC bought a new position in Casey's General Stores during the second quarter worth $316,000. Finally, Redhawk Wealth Advisors Inc. bought a new position in Casey's General Stores during the second quarter worth $1,780,000. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Trading Up 0.9%

Shares of Casey's General Stores 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 52 week low of $490.00 and a 52 week high of $927.85. The stock has a 50 day moving average price of $837.28 and a two-hundred day moving average price of $775.89. The stock has a market capitalization of $30.93 billion, a PE ratio of 43.62, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating 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 firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the company posted $2.63 earnings per share. The company's quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Casey's General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

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

Insider Activity

In other news, CEO Darren M. Rebelez sold 19,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the transaction, the chief executive officer owned 89,174 shares in the company, valued at $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Allison M. Wing sold 530 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total value of $443,917.40. Following the transaction, the director directly owned 3,042 shares in the company, valued at approximately $2,547,918.36. The trade was a 14.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 30,243 shares of company stock worth $24,421,877. Company insiders own 0.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CASY shares. KeyCorp boosted their price objective on Casey's General Stores from $950.00 to $970.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Morgan Stanley raised Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. BNP Paribas Exane lowered their target price on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $1,000.00 price target on shares of Casey's General Stores in a report on Monday, June 15th. Finally, Wells Fargo & Company raised their price objective on shares of Casey's General Stores from $910.00 to $960.00 and gave the stock an "overweight" rating in a research report on Thursday, June 11th. Fourteen investment analysts have rated the stock with a Buy rating and six have given 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 price target of $944.20.

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.

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