California State Teachers Retirement System Raises Stock Holdings in Casey's General Stores, Inc. $CASY

Key Points

• California State Teachers Retirement System increased its Casey’s General Stores stake by 22.4% in the first quarter, bringing its holdings to 43,132 shares worth approximately $31.4 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported a strong quarter, with EPS of $4.37 beating estimates of $3.31 and revenue rising 14.5% year over year to $4.57 billion. The company also raised its quarterly dividend from $0.57 to $0.65 per share.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $944.20, while company insiders have sold roughly $24.4 million of stock over the past 90 days.

California State Teachers Retirement System raised its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 22.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,132 shares of the company's stock after buying an additional 7,886 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Casey's General Stores worth $31,394,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. NewEdge Advisors LLC lifted its holdings in shares of Casey's General Stores by 6.4% in the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock worth $812,000 after acquiring an additional 113 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Casey's General Stores by 129.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock worth $81,000 after purchasing an additional 105 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Casey's General Stores by 431.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock valued at $111,000 after purchasing an additional 177 shares during the last quarter. Amundi acquired a new stake in Casey's General Stores in the 2nd quarter valued at approximately $338,000. Finally, Jump Financial LLC increased its holdings in Casey's General Stores by 42.6% in the 2nd quarter. Jump Financial LLC now owns 968 shares of the company's stock valued at $494,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Price Performance

Shares of CASY opened at $871.00 on Friday. Casey's General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The firm's 50 day moving average price is $823.78 and its 200 day moving average price is $752.36. The company has a market cap of $32.24 billion, a P/E ratio of 45.46, a PEG ratio of 2.60 and a beta of 0.62. 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 released its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the business earned $2.63 EPS. The firm's quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts forecast that Casey's General Stores, Inc. will post 21.14 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Saturday, August 1st will be given a dividend of $0.65 per share. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. Casey's General Stores's dividend payout ratio is currently 11.90%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. BMO Capital Markets upgraded Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price target for the company in a research report on Monday, June 29th. JPMorgan Chase & Co. lifted their price objective on Casey's General Stores from $719.00 to $975.00 and gave the company a "neutral" rating in a research note on Friday, June 12th. Evercore reiterated an "outperform" rating and issued a $990.00 price objective on shares of Casey's General Stores in a report on Friday, June 12th. Finally, The Goldman Sachs Group increased their target price on Casey's General Stores from $695.00 to $795.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $944.20.

Insiders Place Their Bets

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer directly owned 29,677 shares of the company's stock, valued at $24,874,074.32. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Allison M. Wing sold 530 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was 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 of the company's stock, valued at $2,547,918.36. The trade was a 14.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 30,243 shares of company stock valued at $24,421,877. 0.67% of the stock is owned by company insiders.

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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