Casey's General Stores, Inc. $CASY Shares Sold by WealthPLAN Partners LLC

Key Points

• WealthPLAN Partners LLC cut its Casey’s General Stores stake by 23.8% in the first quarter, selling 2,090 shares and leaving it with 6,694 shares valued at about $4.87 million.
• Casey’s reported a strong fiscal quarter, with earnings of $4.37 per share and revenue of $4.57 billion, both beating analyst expectations. Revenue rose 14.5% year over year.
• The company also raised its quarterly dividend to $0.65 per share from $0.57, while analysts remain broadly positive with a “Moderate Buy” consensus and an average price target of $939.29.

WealthPLAN Partners LLC reduced its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 23.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,694 shares of the company's stock after selling 2,090 shares during the quarter. Casey's General Stores accounts for approximately 0.9% of WealthPLAN Partners LLC's portfolio, making the stock its 29th largest holding. WealthPLAN Partners LLC's holdings in Casey's General Stores were worth $4,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in Casey's General Stores by 179,938.2% in 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 purchasing an additional 2,657,687 shares during the last quarter. Norges Bank acquired a new position in shares of Casey's General Stores during the 4th quarter worth $265,163,000. Franklin Resources Inc. boosted its position in shares of 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 worth $590,671,000 after buying an additional 310,470 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Casey's General Stores by 175.3% in the 4th 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 grew its stake in Casey's General Stores by 115.9% in the 4th quarter. Corient Private Wealth LLC now owns 423,666 shares of the company's stock valued at $234,164,000 after acquiring an additional 227,403 shares during the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Casey's General Stores Price Performance

CASY stock opened at $801.99 on Wednesday. The stock's 50 day moving average is $821.31 and its two-hundred day moving average is $717.55. Casey's General Stores, Inc. has a 52-week low of $490.00 and a 52-week high of $927.85. The company has a market capitalization of $29.68 billion, a PE ratio of 41.86, a P/E/G ratio of 2.42 and a beta of 0.62. 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 (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping analysts' consensus estimates 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 business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.63 earnings per share. Analysts predict that Casey's General Stores, Inc. will post 21.14 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 annualized dividend and a yield of 0.3%. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's dividend payout ratio (DPR) is 11.90%.

Insider Transactions at Casey's General Stores

In related news, Director Mike Spanos bought 256 shares of the business's stock in a transaction dated Friday, June 26th. The shares were acquired at an average price of $778.81 per share, for a total transaction of $199,375.36. Following the purchase, the director owned 4,758 shares in the company, valued at $3,705,577.98. This trade represents a 5.69% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the transaction, the insider directly owned 9,823 shares in the company, valued at $7,735,514.27. The trade was a 23.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wolfe Research restated an "outperform" rating and set a $1,069.00 target price on shares of Casey's General Stores in a research report on Thursday, June 11th. Capital One Financial began coverage on shares of Casey's General Stores in a research note on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price objective for the company. BNP Paribas Exane cut their price objective on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Jefferies Financial Group increased their target price on Casey's General Stores from $700.00 to $780.00 and gave the company a "buy" rating in a report on Tuesday, March 10th. Finally, Morgan Stanley upgraded Casey's General Stores to a "buy" rating in a report on Wednesday, June 10th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $939.29.

Casey's General Stores Company 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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