Canada Pension Plan Investment Board Invests $11.84 Million in Casey's General Stores, Inc. $CASY

Key Points

• Canada Pension Plan Investment Board acquired 14,900 shares of Casey’s General Stores in the second quarter, valued at approximately $11.84 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported quarterly earnings of $4.37 per share, beating estimates by $1.06, while revenue rose 14.5% year over year to $4.57 billion. The company also increased its quarterly dividend to $0.65 per share.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $942.87, although company insiders sold approximately $24.4 million of stock during the last quarter.

Canada Pension Plan Investment Board acquired a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,900 shares of the company's stock, valued at approximately $11,842,000.

A number of other institutional investors have also recently made changes to their positions in CASY. Fiduciary Financial Advisors acquired a new stake in Casey's General Stores during the 2nd quarter worth approximately $26,000. Whipplewood Advisors LLC acquired a new position in shares of Casey's General Stores in the first quarter worth $33,000. Bell Investment Advisors Inc acquired a new position in shares of Casey's General Stores in the second quarter worth $33,000. Larson Financial Group LLC increased its position in shares of Casey's General Stores by 252.4% during the fourth quarter. Larson Financial Group LLC now owns 74 shares of the company's stock worth $41,000 after acquiring an additional 53 shares during the period. Finally, RMG Wealth Management LLC increased its position in shares of Casey's General Stores by 250.0% during the first quarter. RMG Wealth Management LLC now owns 56 shares of the company's stock worth $41,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Insiders Place Their Bets

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

Casey's General Stores Price Performance

Casey's General Stores stock opened at $755.47 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a fifty day simple moving average of $831.92 and a 200-day simple moving average of $781.32. The stock has a market cap of $27.96 billion, a P/E ratio of 39.43, a price-to-earnings-growth ratio of 2.59 and a beta of 0.61. Casey's General Stores, Inc. has a 12-month low of $490.00 and a 12-month high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its earnings results 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 for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the company posted $2.63 earnings per share. Casey's General Stores's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities analysts expect that Casey's General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were given a dividend of $0.65 per share. The ex-dividend date of this dividend 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 payout ratio is currently 13.57%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CASY. KeyCorp increased 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. The Goldman Sachs Group boosted 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. Stephens set a $975.00 price target on Casey's General Stores and gave the company an "overweight" rating in a research report on Friday, June 12th. UBS Group reduced their price target on Casey's General Stores from $945.00 to $925.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Morgan Stanley upgraded Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $942.87.

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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