Casey's General Stores, Inc. $CASY Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP significantly increased its stake in Casey's General Stores by 190.6% during the first quarter, acquiring a total of 1,244,311 shares valued at approximately $540 million.
• Analysts have raised their target prices for Casey's General Stores, with notable increases from firms such as BMO Capital Markets and Royal Bank Of Canada, indicating positive sentiment about the company's performance.
• Casey's General Stores recently declared a quarterly dividend of $0.57 per share, an increase from the prior dividend of $0.50, reflecting the company's commitment to returning value to its shareholders.

Wellington Management Group LLP raised its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 190.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,244,311 shares of the company's stock after purchasing an additional 816,110 shares during the quarter. Wellington Management Group LLP owned about 3.35% of Casey's General Stores worth $540,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in CASY. T. Rowe Price Investment Management Inc. increased its stake in shares of Casey's General Stores by 1.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,776,323 shares of the company's stock valued at $703,833,000 after acquiring an additional 31,131 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Casey's General Stores by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock valued at $449,851,000 after acquiring an additional 306,628 shares during the period. Raymond James Financial Inc. increased its stake in shares of Casey's General Stores by 8.9% during the first quarter. Raymond James Financial Inc. now owns 649,815 shares of the company's stock valued at $282,045,000 after acquiring an additional 52,939 shares during the period. GAMMA Investing LLC increased its stake in shares of Casey's General Stores by 54,448.8% during the first quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock valued at $236,054,000 after acquiring an additional 542,855 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Casey's General Stores by 51.5% during the first quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock valued at $223,792,000 after acquiring an additional 175,372 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CASY. BMO Capital Markets raised their price objective on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group raised their target price on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Royal Bank Of Canada raised their target price on shares of Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company raised their target price on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, Stephens restated an "overweight" rating and set a $490.00 target price on shares of Casey's General Stores in a report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $467.33.

Insider Buying and Selling at Casey's General Stores

In related news, insider Thomas P. Brennan, Jr. sold 6,600 shares of Casey's General Stores stock in a transaction on Monday, June 16th. The shares were sold at an average price of $506.03, for a total value of $3,339,798.00. Following the transaction, the insider owned 2,100 shares in the company, valued at $1,062,663. This trade represents a 75.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Katrina S. Lindsey sold 2,000 shares of Casey's General Stores stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $506.07, for a total transaction of $1,012,140.00. Following the completion of the transaction, the insider owned 4,636 shares in the company, valued at $2,346,140.52. This trade represents a 30.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,646 shares of company stock worth $22,136,614 in the last ninety days. Company insiders own 0.54% of the company's stock.

Casey's General Stores Trading Down 0.3%

Shares of NASDAQ:CASY opened at $506.20 on Tuesday. The firm has a fifty day moving average of $514.43 and a two-hundred day moving average of $461.35. The firm has a market capitalization of $18.82 billion, a P/E ratio of 34.58 and a beta of 0.69. Casey's General Stores, Inc. has a 12-month low of $350.52 and a 12-month high of $531.24. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.69. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. The company's revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $2.34 EPS. On average, equities analysts expect that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were issued a dividend of $0.57 per share. The ex-dividend date was Friday, August 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's payout ratio is 15.57%.

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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