Casey's General Stores, Inc. $CASY Shares Sold by Strs Ohio

Key Points

• Strs Ohio trimmed its stake in Casey’s General Stores by 5.2% in the first quarter, though it still held 40,485 shares valued at about $29.5 million. Several other institutional investors also made small adjustments, and hedge funds/institutions own 85.63% of the stock.
• Analysts remain broadly positive on CASY, with 13 Buy ratings and 7 Hold ratings. The stock’s consensus view is a “Moderate Buy,” with an average price target of $939.29.
• Casey’s posted strong quarterly results and raised its dividend, reporting EPS of $4.37 on revenue of $4.57 billion, both above expectations. The company increased its quarterly dividend to $0.65 from $0.57, bringing the annualized payout to $2.60 per share.

Strs Ohio reduced its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,485 shares of the company's stock after selling 2,201 shares during the quarter. Strs Ohio owned 0.11% of Casey's General Stores worth $29,467,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CASY. Pinnacle Bancorp Inc. lifted its holdings in shares of Casey's General Stores by 4.8% during the 1st quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company's stock valued at $221,000 after acquiring an additional 14 shares in the last quarter. Menard Financial Group LLC raised its position in Casey's General Stores by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 1,267 shares of the company's stock valued at $700,000 after purchasing an additional 15 shares during the period. Cibc World Market Inc. raised its position in Casey's General Stores by 0.3% in the fourth quarter. Cibc World Market Inc. now owns 5,136 shares of the company's stock valued at $2,839,000 after purchasing an additional 16 shares during the period. FSB Premier Wealth Management Inc. lifted its stake in shares of Casey's General Stores by 0.8% during the fourth quarter. FSB Premier Wealth Management Inc. now owns 2,338 shares of the company's stock worth $1,292,000 after purchasing an additional 18 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Casey's General Stores by 4.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 444 shares of the company's stock worth $245,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

Analysts Set New Price Targets

CASY has been the subject of several analyst reports. Royal Bank Of Canada upped 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 report on Thursday, June 25th. BNP Paribas Exane reduced their price target on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a research report on Thursday, June 25th. Wells Fargo & Company upped their price target on Casey's General Stores from $910.00 to $960.00 and gave the stock an "overweight" rating in a report on Thursday, June 11th. Evercore reaffirmed an "outperform" rating and issued a $990.00 price objective on shares of Casey's General Stores in a research report on Friday, June 12th. Finally, Wolfe Research reiterated an "outperform" rating and set a $1,069.00 price objective on shares of Casey's General Stores in a research note on Thursday, June 11th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $939.29.

Casey's General Stores Stock Performance

Shares of CASY opened at $797.42 on Friday. Casey's General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85. The stock has a 50-day moving average price of $820.92 and a 200 day moving average price of $712.84. 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 company has a market capitalization of $29.51 billion, a P/E ratio of 41.62, a P/E/G ratio of 2.40 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business earned $2.63 EPS. Casey's General Stores's revenue for the quarter was up 14.5% compared to the same quarter last year. Sell-side analysts forecast that Casey's General Stores, Inc. will post 21.05 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 paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date is Friday, July 31st. Casey's General Stores's payout ratio is presently 11.90%.

Insider Buying and Selling

In related news, Director Mike Spanos acquired 256 shares of Casey's General Stores stock in a transaction on Friday, June 26th. The shares were purchased at an average cost of $778.81 per share, for a total transaction of $199,375.36. Following the purchase, the director directly owned 4,758 shares of the company's stock, valued at $3,705,577.98. The trade was a 5.69% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the transaction, the insider directly owned 6,668 shares of the company's stock, valued at approximately $5,334,400. This represents a 23.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.54% of the company's stock.

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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