Casey's General Stores, Inc. $CASY Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its Casey’s General Stores stake by 6.1% in the first quarter, though it still held 442,475 shares valued at about $322.1 million.
• Casey’s reported strong quarterly results, with earnings of $4.37 per share beating estimates and revenue rising 14.5% year over year to $4.57 billion.
• The company raised its quarterly dividend to $0.65 per share from $0.57, while analysts maintain a Moderate Buy consensus with an average price target of $940.

Bank of New York Mellon Corp reduced its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 442,475 shares of the company's stock after selling 28,868 shares during the period. Bank of New York Mellon Corp owned approximately 1.20% of Casey's General Stores worth $322,059,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whipplewood Advisors LLC acquired a new position in shares of Casey's General Stores in the 1st quarter worth approximately $33,000. True Wealth Design LLC increased its position in Casey's General Stores by 350.0% in the 4th quarter. True Wealth Design LLC now owns 54 shares of the company's stock valued at $30,000 after acquiring an additional 42 shares during the period. Central Pacific Bank Trust Division raised its stake in shares of Casey's General Stores by 52.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares in the last quarter. ORG Partners LLC raised its holdings in Casey's General Stores by 47.6% during the fourth quarter. ORG Partners LLC now owns 62 shares of the company's stock worth $34,000 after purchasing an additional 20 shares in the last quarter. Finally, Western Pacific Wealth Management LP acquired a new stake in shares of Casey's General Stores in the first quarter valued at $52,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CASY has been the topic of a number of recent analyst reports. Evercore reaffirmed an "outperform" rating and set a $990.00 target price on shares of Casey's General Stores in a research report on Friday, June 12th. Capital One Financial began coverage on shares of Casey's General Stores in a research report on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price objective on the stock. Royal Bank Of Canada boosted their price target on Casey's General Stores from $794.00 to $850.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 25th. Wolfe Research restated an "outperform" rating and set a $1,069.00 price target on shares of Casey's General Stores in a report on Thursday, June 11th. Finally, Wells Fargo & Company upped their price objective on shares of Casey's General Stores from $910.00 to $960.00 and gave the company an "overweight" rating in a research report on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $940.00.

Casey's General Stores Stock Performance

CASY stock opened at $859.12 on Friday. The business's 50-day moving average price is $822.56 and its two-hundred day moving average price is $731.65. 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 current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The firm has a market cap of $31.80 billion, a PE ratio of 44.84, a P/E/G ratio of 2.48 and a beta of 0.62.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping 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 period in the prior year, the business posted $2.63 EPS. The company's quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Casey's General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.3%. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, July 31st. Casey's General Stores's payout ratio is 11.90%.

Insider Buying and Selling

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the business's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the transaction, the chief financial officer owned 29,677 shares in the company, valued at $24,874,074.32. The trade was a 16.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the transaction, the chief executive officer directly owned 89,174 shares in the company, valued at approximately $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,243 shares of company stock worth $24,421,877 in the last quarter. Corporate insiders own 0.54% of the company's stock.

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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