Bridges Investment Management Inc. Sells 16,020 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Bridges Investment Management cut its stake in Casey's General Stores by 9.2% in the fourth quarter, selling 16,020 shares and leaving it with 158,168 shares valued at about $87.4 million.
• Wall Street remains broadly positive on CASY, with analysts assigning a consensus Moderate Buy rating and an average price target of $752.36. Several firms recently raised targets, including Wells Fargo to $910 and KeyCorp to $860.
• Casey's reported solid quarterly results, posting EPS of $3.49 to beat estimates, while revenue came in at $3.92 billion, slightly below expectations. The company also paid a quarterly dividend of $0.57 per share, equal to a low yield of about 0.3%.

Bridges Investment Management Inc. decreased its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 9.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,168 shares of the company's stock after selling 16,020 shares during the period. Casey's General Stores comprises approximately 1.1% of Bridges Investment Management Inc.'s investment portfolio, making the stock its 26th biggest holding. Bridges Investment Management Inc. owned about 0.43% of Casey's General Stores worth $87,421,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CASY. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Casey's General Stores during the third quarter worth $25,000. Westside Investment Management Inc. increased its position in shares of Casey's General Stores by 100.0% during the third quarter. Westside Investment Management Inc. now owns 46 shares of the company's stock worth $26,000 after purchasing an additional 23 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Casey's General Stores by 52.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares in the last quarter. True Wealth Design LLC increased its position in shares of Casey's General Stores by 350.0% during the fourth quarter. True Wealth Design LLC now owns 54 shares of the company's stock worth $30,000 after purchasing an additional 42 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Casey's General Stores during the third quarter worth $33,000. Institutional investors own 85.63% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group upped their price target on Casey's General Stores from $700.00 to $780.00 and gave the stock a "buy" rating in a research report on Tuesday, March 10th. BMO Capital Markets reaffirmed a "market perform" rating and set a $700.00 price target on shares of Casey's General Stores in a research report on Wednesday, March 4th. Wells Fargo & Company upped their price target on Casey's General Stores from $745.00 to $910.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. KeyCorp upped their price target on Casey's General Stores from $830.00 to $860.00 and gave the stock an "overweight" rating in a research report on Friday, April 24th. Finally, Royal Bank Of Canada upped their price target on Casey's General Stores from $662.00 to $713.00 and gave the stock a "sector perform" rating in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $752.36.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, insider Katrina S. Lindsey sold 200 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $683.04, for a total value of $136,608.00. Following the sale, the insider directly owned 4,039 shares of the company's stock, valued at approximately $2,758,798.56. This represents a 4.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mike Spanos purchased 300 shares of the stock in a transaction on Friday, March 13th. The stock was acquired at an average cost of $665.43 per share, for a total transaction of $199,629.00. Following the completion of the acquisition, the director owned 4,499 shares of the company's stock, valued at $2,993,769.57. The trade was a 7.14% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.54% of the stock is owned by corporate insiders.

Casey's General Stores Price Performance

NASDAQ CASY opened at $754.21 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 0.64. The stock's fifty day moving average price is $782.11 and its 200 day moving average price is $669.99. Casey's General Stores, Inc. has a 1 year low of $433.16 and a 1 year high of $901.00. The company has a market cap of $27.88 billion, a price-to-earnings ratio of 43.30, a PEG ratio of 2.06 and a beta of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its earnings results on Monday, March 9th. The company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.55. Casey's General Stores had a return on equity of 17.56% and a net margin of 3.83%.The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the prior year, the firm earned $2.33 EPS. The firm's revenue was up .3% on a year-over-year basis. As a group, equities research analysts forecast that Casey's General Stores, Inc. will post 18.19 earnings per share for the current year.

Casey's General Stores Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 1st. Casey's General Stores's dividend payout ratio is presently 13.09%.

Casey's General Stores Company 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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