Casey's General Stores, Inc. $CASY Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Casey’s General Stores stake by 669.9% in the second quarter, bringing its holdings to 19,562 shares worth approximately $15.5 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported a strong quarter, with earnings of $4.37 per share versus the $3.31 consensus estimate and revenue of $4.57 billion, up 14.5% year over year.
• The company raised its quarterly dividend to $0.65 per share, while analysts maintain a “Moderate Buy” consensus and an average price target of $944.20.

Assenagon Asset Management S.A. lifted its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 669.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,562 shares of the company's stock after buying an additional 17,021 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.05% of Casey's General Stores worth $15,548,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its stake in Casey's General Stores by 179,938.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock valued at $1,469,747,000 after buying an additional 2,657,687 shares in the last quarter. Norges Bank purchased a new stake in shares of Casey's General Stores in the fourth quarter valued at $265,163,000. Franklin Resources Inc. lifted its position in shares of Casey's General Stores by 40.9% in the fourth quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock valued at $590,671,000 after acquiring an additional 310,470 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Casey's General Stores by 175.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock valued at $260,622,000 after acquiring an additional 300,249 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in Casey's General Stores by 115.9% during the 4th quarter. Corient Private Wealth LLC now owns 423,666 shares of the company's stock worth $234,164,000 after purchasing an additional 227,403 shares in the last quarter. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Casey's General Stores Price Performance

Casey's General Stores stock opened at $854.46 on Tuesday. Casey's General Stores, Inc. has a 1 year low of $490.00 and a 1 year high of $927.85. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The firm has a 50 day moving average price of $831.22 and a 200 day moving average price of $762.62. The company has a market cap of $31.62 billion, a price-to-earnings ratio of 44.60, a PEG ratio of 2.50 and a beta of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, beating analysts' consensus estimates of $3.31 by $1.06. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. Casey's General Stores's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the business earned $2.63 EPS. Sell-side analysts predict that Casey's General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey's General Stores Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Saturday, August 1st will be issued a $0.65 dividend. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date is Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. Casey's General Stores's dividend payout ratio (DPR) is 13.57%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Stephens set a $975.00 target price on shares of Casey's General Stores and gave the company an "overweight" rating in a research note on Friday, June 12th. Morgan Stanley upgraded shares of Casey's General Stores to a "buy" rating in a report on Wednesday, June 10th. William Blair assumed coverage on shares of Casey's General Stores in a research report on Wednesday, May 20th. They issued an "outperform" rating for the company. Royal Bank Of Canada reissued a "sector perform" rating and set a $913.00 price objective on shares of Casey's General Stores in a research note on Wednesday, July 29th. Finally, Zacks Research cut shares of Casey's General Stores from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $944.20.

Insiders Place Their Bets

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