Casey's General Stores, Inc. $CASY Shares Acquired by Swiss National Bank

Key Points

• Swiss National Bank boosted its stake in Casey’s General Stores by 48.4% in the first quarter, ending with 108,767 shares valued at about $79.2 million. Institutional investors still own the vast majority of the stock, at 85.63%.
• Casey’s reported strong quarterly results, with EPS of $4.37 versus analysts’ $3.31 estimate and revenue of $4.57 billion, topping expectations. Revenue rose 14.5% year over year, and analysts now expect $21.14 EPS for the current fiscal year.
• The company raised its dividend to $0.65 per share quarterly from $0.57, payable August 14 to shareholders of record August 1. That implies a $2.60 annualized dividend and a relatively low payout ratio of 13.57%.

Swiss National Bank lifted its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 48.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,767 shares of the company's stock after acquiring an additional 35,480 shares during the quarter. Swiss National Bank owned 0.29% of Casey's General Stores worth $79,167,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Whipplewood Advisors LLC acquired a new position in Casey's General Stores in the 1st quarter worth about $33,000. True Wealth Design LLC grew its holdings in Casey's General Stores by 350.0% in the fourth quarter. True Wealth Design LLC now owns 54 shares of the company's stock valued at $30,000 after purchasing an additional 42 shares during the period. Central Pacific Bank Trust Division increased its position in shares of Casey's General Stores by 52.8% in the fourth quarter. Central Pacific Bank Trust Division now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares in the last quarter. ORG Partners LLC increased its position in shares of Casey's General Stores by 47.6% in the fourth quarter. ORG Partners LLC now owns 62 shares of the company's stock valued at $34,000 after buying an additional 20 shares in the last quarter. Finally, Western Pacific Wealth Management LP acquired a new position in shares of Casey's General Stores during the 1st quarter worth approximately $52,000. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Casey's General Stores Stock Performance

CASY opened at $858.26 on Wednesday. Casey's General Stores, Inc. has a twelve month low of $490.00 and a twelve month high of $927.85. The firm has a market capitalization of $31.76 billion, a PE ratio of 44.79, a PEG ratio of 2.60 and a beta of 0.62. 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 firm's 50-day moving average price is $822.17 and its 200 day moving average price is $737.11.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $2.63 EPS. Casey's General Stores's quarterly revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Casey's General Stores, Inc. will post 21.14 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be issued a $0.65 dividend. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. Casey's General Stores's payout ratio is 13.57%.

Insider Transactions at Casey's General Stores

In other Casey's General Stores news, insider Chad Michael Frazell sold 3,013 shares of the company's stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total value of $2,372,707.37. Following the completion of the sale, the insider directly owned 9,823 shares in the company, valued at $7,735,514.27. This represents a 23.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the company's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value of $4,777,512.00. Following the completion of the sale, the chief financial officer owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. The trade was a 16.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,243 shares of company stock valued at $24,421,877. 0.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Weiss Ratings upgraded Casey's General Stores from a "buy (b)" rating to a "buy (b+)" rating in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. UBS Group upped their price objective on shares of Casey's General Stores from $805.00 to $945.00 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. JPMorgan Chase & Co. increased their price objective on shares of Casey's General Stores from $719.00 to $975.00 and gave the company a "neutral" rating in a report on Friday, June 12th. Finally, Evercore reiterated an "outperform" rating and issued a $990.00 target price on shares of Casey's General Stores in a research report on Friday, June 12th. 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.com, Casey's General Stores has an average rating of "Moderate Buy" and a consensus price target of $940.00.

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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