Casey's General Stores, Inc. (NASDAQ:CASY) Stock Position Raised by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in Casey's General Stores by 42%, owning over 1 million shares valued at approximately $449 million as of its latest filing.
• Casey's General Stores reported a quarterly earnings per share (EPS) of $2.63, surpassing estimates and showcasing a 10.9% year-over-year revenue growth to reach $3.99 billion.
• The company announced an increase in its quarterly dividend from $0.50 to $0.57, with the upcoming payment set for August 15th, reflecting a 0.4% dividend yield.

JPMorgan Chase & Co. lifted its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 42.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,036,426 shares of the company's stock after buying an additional 306,628 shares during the period. JPMorgan Chase & Co. owned 2.79% of Casey's General Stores worth $449,851,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC grew its position in Casey's General Stores by 54,448.8% in the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock worth $236,054,000 after purchasing an additional 542,855 shares during the last quarter. Bank of New York Mellon Corp grew its position in Casey's General Stores by 51.5% in the 1st quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock worth $223,792,000 after purchasing an additional 175,372 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Casey's General Stores by 699.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 126,845 shares of the company's stock worth $55,056,000 after purchasing an additional 110,982 shares during the last quarter. Freestone Grove Partners LP bought a new position in Casey's General Stores in the 4th quarter worth about $24,985,000. Finally, Northern Trust Corp grew its position in Casey's General Stores by 21.5% in the 4th quarter. Northern Trust Corp now owns 332,504 shares of the company's stock worth $131,748,000 after purchasing an additional 58,844 shares during the last quarter. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Down 0.6%

CASY stock opened at $515.78 on Tuesday. Casey's General Stores, Inc. has a 12 month low of $350.52 and a 12 month high of $531.24. The firm has a market cap of $19.18 billion, a PE ratio of 35.23 and a beta of 0.69. The firm has a 50 day simple moving average of $507.61 and a 200 day simple moving average of $458.15. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $1.94 by $0.69. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. 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 earned $2.34 EPS. Equities research analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be given a $0.57 dividend. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. The ex-dividend date is Friday, August 1st. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. Casey's General Stores's payout ratio is currently 15.57%.

Insiders Place Their Bets

In related news, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total value of $10,156,600.00. Following the completion of the sale, the chief executive officer owned 89,840 shares in the company, valued at approximately $45,623,447.20. This represents a 18.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mike Spanos purchased 200 shares of Casey's General Stores stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $503.18 per share, with a total value of $100,636.00. Following the transaction, the director owned 3,560 shares in the company, valued at $1,791,320.80. This represents a 5.95% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 43,646 shares of company stock worth $22,136,614 in the last quarter. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CASY shares. Stephens restated an "overweight" rating and issued a $490.00 target price on shares of Casey's General Stores in a research report on Tuesday, June 10th. BMO Capital Markets upped their price target on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 11th. Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. KeyCorp upped their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Finally, The Goldman Sachs Group upped their price target on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. 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 company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $467.33.

About Casey's General Stores

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.

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