Casey's General Stores, Inc. $CASY Position Lessened by Robbins Farley

Key Points

• Robbins Farley reduced its stake in Casey's General Stores by 12.7%, owning 10,178 shares valued at approximately $5.19 million, making it the company's 15th largest position.
• Several hedge funds, including Wellington Management Group, have significantly increased their holdings in Casey's, indicating strong institutional interest, with institutions now owning 85.63% of the company.
• Casey's General Stores delivered strong earnings results with $5.77 EPS, surpassing estimates, along with a quarterly revenue of $4.57 billion, reflecting an 11.5% year-over-year increase.

Robbins Farley decreased its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 12.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,178 shares of the company's stock after selling 1,481 shares during the period. Casey's General Stores accounts for 2.4% of Robbins Farley's portfolio, making the stock its 15th largest position. Robbins Farley's holdings in Casey's General Stores were worth $5,194,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in shares of Casey's General Stores by 190.6% in the 1st quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after purchasing an additional 816,110 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Casey's General Stores by 42.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Casey's General Stores by 8.9% in the 1st quarter. Raymond James Financial Inc. now owns 649,815 shares of the company's stock worth $282,045,000 after purchasing an additional 52,939 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Casey's General Stores by 51.5% in the 1st quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock worth $223,792,000 after purchasing an additional 175,372 shares during the last quarter. Finally, Northern Trust Corp increased its position in Casey's General Stores by 0.6% in the 1st quarter. Northern Trust Corp now owns 334,445 shares of the company's stock valued at $145,163,000 after acquiring an additional 1,941 shares during the period. Institutional investors own 85.63% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on CASY shares. Royal Bank Of Canada raised 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 report on Wednesday, July 9th. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Evercore ISI raised their target price on Casey's General Stores from $560.00 to $580.00 and gave the company an "outperform" rating in a research report on Wednesday, September 10th. Jefferies Financial Group raised their target price on Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Finally, BMO Capital Markets raised 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 report on Wednesday, September 10th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $529.10.

Casey's General Stores Stock Performance

Shares of NASDAQ CASY opened at $560.94 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $20.86 billion, a price-to-earnings ratio of 36.00 and a beta of 0.66. The stock's fifty day simple moving average is $523.36 and its 200 day simple moving average is $484.67. Casey's General Stores, Inc. has a 52-week low of $363.00 and a 52-week high of $571.57.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.02 by $0.75. The business had revenue of $4.57 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm posted $4.83 EPS. As a group, sell-side analysts forecast 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 business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, October 31st. Casey's General Stores's payout ratio is presently 14.63%.

Insider Activity

In related news, CFO Stephen P. Bramlage, Jr. sold 760 shares of Casey's General Stores stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $507.56, for a total value of $385,745.60. Following the transaction, the chief financial officer directly owned 25,994 shares in the company, valued at $13,193,514.64. The trade was a 2.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.54% of the stock is owned by insiders.

Casey's General Stores Profile

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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