Sei Investments Co. Grows Position in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Sei Investments Co. increased its stake in Casey's General Stores by 3.0%, owning 53,347 shares valued at approximately $21.93 million.
• Multiple analysts raised their price targets for Casey's, with KeyCorp setting the highest at $575.00 and a consensus rating of "Moderate Buy."
• Casey's General Stores recently declared a quarterly dividend increase to $0.57, up from $0.50, reflecting robust financial performance with a net revenue increase of 10.9% year-over-year.

Sei Investments Co. lifted its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,347 shares of the company's stock after buying an additional 1,538 shares during the quarter. Sei Investments Co. owned about 0.14% of Casey's General Stores worth $21,930,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc acquired a new position in Casey's General Stores in the first quarter valued at about $25,000. Global Financial Private Client LLC raised its stake in Casey's General Stores by 325.0% in the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares in the last quarter. Iron Horse Wealth Management LLC raised its stake in Casey's General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after purchasing an additional 26 shares in the last quarter. Whipplewood Advisors LLC raised its stake in Casey's General Stores by 160.0% in the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock valued at $51,000 after purchasing an additional 72 shares in the last quarter. Finally, Wayfinding Financial LLC acquired a new position in Casey's General Stores in the first quarter valued at about $59,000. Institutional investors and hedge funds own 85.63% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on CASY shares. BMO Capital Markets lifted their target price on Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research report on Wednesday, June 11th. The Goldman Sachs Group upped their target price on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a report on Wednesday, June 11th. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Royal Bank Of Canada upped their target price on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. Finally, KeyCorp upped their price target on Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Casey's General Stores has an average rating of "Moderate Buy" and an average target price of $467.33.

Insider Activity at Casey's General Stores

In related news, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $509.21, for a total transaction of $4,317,082.38. Following the transaction, the chief financial officer directly owned 26,754 shares in the company, valued at $13,623,404.34. This trade represents a 24.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Michael Frazell sold 4,808 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the transaction, the insider owned 11,480 shares in the company, valued at approximately $5,785,575.60. The trade was a 29.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,646 shares of company stock worth $22,136,614 in the last quarter. 0.54% of the stock is owned by company insiders.

Casey's General Stores Stock Performance

Shares of CASY stock traded down $0.34 on Friday, hitting $507.84. 194,944 shares of the stock were exchanged, compared to its average volume of 250,511. The firm's 50 day moving average is $513.09 and its two-hundred day moving average is $460.50. The firm has a market capitalization of $18.88 billion, a PE ratio of 34.69 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.48 and a debt-to-equity ratio of 0.69. Casey's General Stores, Inc. has a one year low of $350.52 and a one year high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.69. The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%. The firm's quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. Sell-side analysts expect that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's payout ratio is 15.57%.

Casey's General Stores Profile

Casey's General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.