Bridges Investment Management Inc. Reduces Position in Casey's General Stores, Inc. $CASY

Key Points

• Bridges Investment Management Inc. has reduced its stake in Casey's General Stores by 0.5%, now holding 174,923 shares valued at approximately $89.26 million.
• Casey's General Stores reported a quarterly earnings per share of $5.77, exceeding expectations, and marked an 11.5% revenue increase year-over-year.
• The company has declared a quarterly dividend of $0.57, with an ex-dividend date set for October 31st, contributing to an annualized yield of 0.4%.

Bridges Investment Management Inc. lessened its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 0.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 174,923 shares of the company's stock after selling 913 shares during the quarter. Casey's General Stores comprises 1.2% of Bridges Investment Management Inc.'s investment portfolio, making the stock its 25th biggest holding. Bridges Investment Management Inc. owned about 0.47% of Casey's General Stores worth $89,258,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management grew its stake in Casey's General Stores by 13.9% during the 2nd quarter. Ritholtz Wealth Management now owns 1,823 shares of the company's stock worth $930,000 after buying an additional 222 shares during the last quarter. Private Wealth Asset Management LLC grew its stake in Casey's General Stores by 88.5% during the 2nd quarter. Private Wealth Asset Management LLC now owns 1,263 shares of the company's stock worth $644,000 after buying an additional 593 shares during the last quarter. Harbour Investments Inc. grew its stake in Casey's General Stores by 11.8% during the 2nd quarter. Harbour Investments Inc. now owns 1,106 shares of the company's stock worth $564,000 after buying an additional 117 shares during the last quarter. Bayforest Capital Ltd grew its stake in Casey's General Stores by 858.8% during the 2nd quarter. Bayforest Capital Ltd now owns 163 shares of the company's stock worth $83,000 after buying an additional 146 shares during the last quarter. Finally, Sagespring Wealth Partners LLC grew its stake in Casey's General Stores by 11.4% during the 2nd quarter. Sagespring Wealth Partners LLC now owns 519 shares of the company's stock worth $265,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Up 0.5%

CASY opened at $564.17 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.03 and a quick ratio of 0.61. The business has a 50 day simple moving average of $532.26 and a 200-day simple moving average of $496.02. The stock has a market capitalization of $20.98 billion, a P/E ratio of 36.21 and a beta of 0.68. Casey's General Stores, Inc. has a 12 month low of $372.08 and a 12 month high of $572.18.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Monday, September 8th. The company reported $5.77 EPS for the quarter, beating the consensus estimate of $5.02 by $0.75. The business had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.47 billion. Casey's General Stores had a return on equity of 16.73% and a net margin of 3.54%.The company's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the firm earned $4.83 EPS. On average, equities analysts anticipate that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Saturday, November 1st will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, October 31st. Casey's General Stores's dividend payout ratio (DPR) is currently 14.63%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CASY shares. Evercore ISI raised their price target on Casey's General Stores from $560.00 to $580.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Jefferies Financial Group lifted their target price on Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Wells Fargo & Company initiated coverage on Casey's General Stores in a research note on Wednesday. They issued an "overweight" rating and a $610.00 target price on the stock. Royal Bank Of Canada lifted their target price on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. Finally, BMO Capital Markets lifted their target price on Casey's General Stores from $515.00 to $540.00 and gave the company a "market perform" rating in a research note on Wednesday, September 10th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $536.10.

Insider Activity at Casey's General Stores

In other news, insider Chad Michael Frazell sold 3,487 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $555.40, for a total value of $1,936,679.80. Following the completion of the sale, the insider directly owned 7,993 shares of the company's stock, valued at $4,439,312.20. This trade represents a 30.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.54% of the stock is owned by corporate insiders.

About Casey's General Stores

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.

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