Casey's General Stores, Inc. $CASY Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio reduced its Casey’s General Stores stake by 10.8% in the first quarter, selling 2,456 shares and retaining 20,331 shares valued at approximately $14.8 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported strong quarterly results, with EPS of $4.37 versus the $3.31 consensus and revenue of $4.57 billion, up 14.5% year over year. The company also raised its quarterly dividend from $0.57 to $0.65 per share.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $940 versus the stock’s reported $861.63 price. However, company insiders sold 30,243 shares worth about $24.4 million during the last quarter.

Public Employees Retirement System of Ohio decreased its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,331 shares of the company's stock after selling 2,456 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.06% of Casey's General Stores worth $14,798,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Casey's General Stores by 179,938.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock valued at $1,469,747,000 after acquiring an additional 2,657,687 shares during the last quarter. Norges Bank acquired a new stake in Casey's General Stores in the 4th quarter valued at approximately $265,163,000. Franklin Resources Inc. increased its holdings in Casey's General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock valued at $590,671,000 after purchasing an additional 310,470 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Casey's General Stores by 175.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock valued at $260,622,000 after purchasing an additional 300,249 shares during the period. Finally, Corient Private Wealth LLC raised its position in Casey's General Stores by 115.9% in the fourth quarter. Corient Private Wealth LLC now owns 423,666 shares of the company's stock valued at $234,164,000 after purchasing an additional 227,403 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Stock Performance

Shares of CASY stock opened at $861.63 on Monday. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. Casey's General Stores, Inc. has a 52 week low of $490.00 and a 52 week high of $927.85. The stock has a market capitalization of $31.89 billion, a PE ratio of 44.97, a P/E/G ratio of 2.58 and a beta of 0.62. The firm has a 50 day moving average of $821.67 and a two-hundred day moving average of $743.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping the consensus estimate of $3.31 by $1.06. The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.63 earnings per share. On average, research analysts predict 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 announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's payout ratio is presently 11.90%.

Insider Activity at Casey's General Stores

In other Casey's General Stores news, CEO Darren M. Rebelez sold 19,000 shares of the company's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the sale, the chief executive officer owned 89,174 shares in the company, valued at $71,469,394.04. This represents a 17.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction dated Tuesday, June 30th. The shares were 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 disclosure for this sale is available in the SEC filing. Insiders have sold 30,243 shares of company stock worth $24,421,877 over the last quarter. 0.67% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CASY. Capital One Financial assumed coverage on Casey's General Stores in a research report on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price target for the company. BMO Capital Markets upgraded Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price objective on the stock in a report on Monday, June 29th. Royal Bank Of Canada increased their target price on Casey's General Stores from $794.00 to $850.00 and gave the stock a "sector perform" rating in a research note on Thursday, June 25th. Wells Fargo & Company increased their target price on Casey's General Stores from $910.00 to $960.00 and gave the stock an "overweight" rating in a research note on Thursday, June 11th. Finally, Weiss Ratings downgraded Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, July 21st. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Casey's General Stores presently has a consensus rating of "Moderate Buy" and an average 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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