Copeland Capital Management LLC Lowers Stake in Casey's General Stores, Inc. $CASY

Key Points

• Copeland Capital Management LLC reduced its stake in Casey's General Stores by 53.8% in Q2, significantly cutting its ownership to about 0.30% of the company.
• The firm reported earnings of $5.77 per share, exceeding estimates, with revenue of $4.57 billion, reflecting an 11.5% increase year-over-year.
• Casey's General Stores recently declared a quarterly dividend of $0.57 per share, with an annual yield of 0.4% and a payout ratio of 14.63%.

Copeland Capital Management LLC cut its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 53.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,959 shares of the company's stock after selling 128,107 shares during the period. Copeland Capital Management LLC owned about 0.30% of Casey's General Stores worth $56,109,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Versant Capital Management Inc bought a new position in Casey's General Stores in the 1st quarter worth about $25,000. Summit Securities Group LLC purchased a new stake in shares of Casey's General Stores in the first quarter valued at approximately $32,000. Iron Horse Wealth Management LLC grew 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 worth $40,000 after purchasing an additional 26 shares in the last quarter. WPG Advisers LLC bought a new position in Casey's General Stores in the first quarter worth approximately $47,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in Casey's General Stores by 242.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 96 shares of the company's stock worth $49,000 after purchasing an additional 68 shares during the period. Institutional investors own 85.63% of the company's stock.

Insider Transactions at Casey's General Stores

In related news, insider Chad Michael Frazell sold 3,487 shares of the company's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the transaction, the insider directly owned 7,993 shares of the company's stock, valued at $4,439,312.20. This represents a 30.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CASY has been the subject of several research reports. BMO Capital Markets upped their target price on Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a report on Wednesday, September 10th. Wells Fargo & Company upped their price objective on shares of Casey's General Stores from $540.00 to $580.00 and gave the stock an "overweight" rating in a research note on Monday, September 8th. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Royal Bank Of Canada boosted their price target on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a report on Wednesday, July 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research note on Wednesday, September 10th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $529.10.

Casey's General Stores Stock Up 0.4%

Shares of Casey's General Stores stock opened at $561.40 on Friday. The company has a quick ratio of 0.61, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. The company has a market cap of $20.87 billion, a P/E ratio of 36.03 and a beta of 0.68. The firm's 50 day moving average price is $525.61 and its 200-day moving average price is $486.86. Casey's General Stores, Inc. has a 52-week low of $363.00 and a 52-week high of $571.57.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its earnings results on Monday, September 8th. The company reported $5.77 earnings per share for the quarter, beating the consensus estimate of $5.02 by $0.75. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.47 billion. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. Casey's General Stores's revenue was up 11.5% compared to the same quarter last year. During the same period last year, the firm earned $4.83 earnings per share. On average, sell-side analysts predict that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, October 31st. Casey's General Stores's payout ratio is 14.63%.

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.

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