Bellars Harris Wealth Management LLC Buys Shares of 6,349 Casey's General Stores, Inc. $CASY

Key Points

• Bellars Harris Wealth Management initiated a Casey’s General Stores position of 6,349 shares valued at approximately $5.05 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported quarterly EPS of $4.37, beating estimates by $1.06, while revenue rose 14.5% year over year to $4.57 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $944.20.
• The company increased its quarterly dividend to $0.65 from $0.57, equal to an annualized $2.60 payout and a 0.3% yield; meanwhile, insiders sold more than $24.4 million of stock over the past 90 days.

Bellars Harris Wealth Management LLC bought a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,349 shares of the company's stock, valued at approximately $5,046,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC grew its stake in Casey's General Stores by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock valued at $420,416,000 after purchasing an additional 52,250 shares during the last quarter. Burns J W & Co. Inc. NY raised its stake in shares of Casey's General Stores by 103.5% in the first quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company's stock worth $1,782,000 after purchasing an additional 1,245 shares during the last quarter. North Dakota State Investment Board purchased a new position in shares of Casey's General Stores in the fourth quarter worth about $720,000. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Casey's General Stores during the fourth quarter worth about $1,338,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in Casey's General Stores by 52.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,079 shares of the company's stock valued at $12,431,000 after buying an additional 5,846 shares during the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey's General Stores Stock Down 0.9%

Casey's General Stores stock opened at $846.45 on Friday. The firm has a market cap of $31.33 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 2.54 and a beta of 0.61. Casey's General Stores, Inc. has a 52 week low of $490.00 and a 52 week high of $927.85. The business's 50-day moving average price is $837.57 and its 200 day moving average price is $767.79. 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 announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the company posted $2.63 earnings per share. Casey's General Stores's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Casey's General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey's General Stores Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were paid a $0.65 dividend. The ex-dividend date was Friday, July 31st. This represents a $2.60 annualized dividend and a dividend 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 (DPR) is presently 13.57%.

Insider Transactions at Casey's General Stores

In related news, insider Katrina S. Lindsey sold 2,000 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the sale, the insider directly owned 6,668 shares of the company's stock, valued at approximately $5,334,400. This represents a 23.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the firm's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the sale, the chief financial officer owned 29,677 shares in the company, valued at approximately $24,874,074.32. This represents a 16.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wolfe Research reiterated an "outperform" rating and issued a $1,069.00 price target on shares of Casey's General Stores in a report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $1,000.00 price objective on shares of Casey's General Stores in a research note on Monday, June 15th. William Blair started coverage on shares of Casey's General Stores in a report on Wednesday, May 20th. They issued an "outperform" rating on the stock. Morgan Stanley upgraded shares of Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Finally, BNP Paribas Exane reduced their target price on shares of 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. Fourteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Casey's General Stores has an average rating of "Moderate Buy" and an average price target of $944.20.

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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