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

Key Points

• Wellington Management cut its Casey’s stake by 14.3% in the second quarter, selling 61,259 shares and retaining 365,843 shares valued at approximately $290.8 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported quarterly EPS of $4.37, beating estimates by $1.06, while revenue rose 14.5% year over year to $4.57 billion. The company also increased its quarterly dividend from $0.57 to $0.65 per share.
• Wall Street’s outlook remains favorable, with 14 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $942.87.

Wellington Management Group LLP trimmed its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 14.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 365,843 shares of the company's stock after selling 61,259 shares during the quarter. Wellington Management Group LLP owned about 0.99% of Casey's General Stores worth $290,768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. NewEdge Advisors LLC grew its position in Casey's General Stores by 6.4% in the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock valued at $812,000 after buying an additional 113 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Casey's General Stores by 129.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock worth $81,000 after buying an additional 105 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Casey's General Stores by 431.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $111,000 after buying an additional 177 shares during the last quarter. Amundi purchased a new position in Casey's General Stores during the 2nd quarter worth $338,000. Finally, Jump Financial LLC lifted its stake in shares of Casey's General Stores by 42.6% in the 2nd quarter. Jump Financial LLC now owns 968 shares of the company's stock worth $494,000 after acquiring an additional 289 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Stock Performance

Casey's General Stores stock opened at $755.47 on Monday. The stock has a market cap of $27.96 billion, a PE ratio of 39.43, a P/E/G ratio of 2.59 and a beta of 0.61. 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 current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The stock has a 50-day moving average price of $831.92 and a 200 day moving average price of $782.18.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm posted $2.63 earnings per share. The company's quarterly revenue was up 14.5% compared to the same quarter last year. Equities research analysts predict that Casey's General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a dividend 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 is currently 13.57%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CASY. Morgan Stanley upgraded shares of Casey's General Stores to a "buy" rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. raised their price target on Casey's General Stores from $719.00 to $975.00 and gave the company a "neutral" rating in a report on Friday, June 12th. KeyCorp lifted their price target on Casey's General Stores from $950.00 to $970.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $1,000.00 price objective on shares of Casey's General Stores in a report on Monday, June 15th. Finally, 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. Fourteen investment 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, the stock has an average rating of "Moderate Buy" and a consensus target price of $942.87.

Insiders Place Their Bets

In other Casey's General Stores news, CEO Darren M. Rebelez sold 19,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the transaction, the chief executive officer owned 89,174 shares of the company's stock, valued at $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction that occurred on 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 approximately $7,735,514.27. This represents a 23.47% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,243 shares of company stock valued at $24,421,877. 0.67% of the stock is currently owned by corporate insiders.

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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