DAVENPORT & Co LLC Sells 18,298 Shares of Casey's General Stores, Inc. $CASY

Key Points

• DAVENPORT & Co LLC reduced its stake in Casey's General Stores by 13.6%, selling 18,298 shares, leaving them with 116,081 shares valued at approximately $59 million.
• Casey's General Stores reported a quarterly EPS of $5.77, exceeding estimates, with revenue of $4.57 billion, marking an 11.5% year-over-year increase.
• The company announced a quarterly dividend of $0.57 per share, set to be paid on November 14, with an annualized yield of 0.4%.

DAVENPORT & Co LLC lessened its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 13.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,081 shares of the company's stock after selling 18,298 shares during the quarter. DAVENPORT & Co LLC owned 0.31% of Casey's General Stores worth $59,010,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CASY. Summit Securities Group LLC bought a new position in shares of Casey's General Stores during the first quarter valued at $32,000. Iron Horse Wealth Management LLC increased its position in shares of Casey's General Stores by 40.0% during the 1st 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. Thurston Springer Miller Herd & Titak Inc. lifted 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 valued at $49,000 after purchasing an additional 68 shares during the last quarter. WPG Advisers LLC acquired a new position in Casey's General Stores in the first quarter valued at about $47,000. Finally, Wayfinding Financial LLC bought a new stake in Casey's General Stores during the first quarter worth about $59,000. Institutional investors and hedge funds own 85.63% of the company's stock.

Insiders Place Their Bets

In other Casey's General Stores news, insider Chad Michael Frazell sold 3,487 shares of the business's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $555.40, for a total value of $1,936,679.80. Following the completion of the transaction, the insider directly owned 7,993 shares of the company's stock, valued at approximately $4,439,312.20. The trade was a 30.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.54% of the company's stock.

Casey's General Stores Stock Performance

Shares of NASDAQ:CASY opened at $567.48 on Monday. The firm's 50 day simple moving average is $526.40 and its 200 day simple moving average is $489.36. Casey's General Stores, Inc. has a fifty-two week low of $366.00 and a fifty-two week high of $571.57. The company has a market capitalization of $21.10 billion, a price-to-earnings ratio of 36.42 and a beta of 0.68. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.03 and a quick ratio of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, September 8th. The company reported $5.77 EPS for the quarter, beating the consensus estimate of $5.02 by $0.75. The firm 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%. The business's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.83 earnings per share. As a group, sell-side analysts forecast that Casey's General Stores, Inc. will post 13.94 earnings per share for the current year.

Casey's General Stores Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, October 31st. Casey's General Stores's dividend payout ratio (DPR) is presently 14.63%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CASY. Royal Bank Of Canada lifted their target price on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. Stephens reaffirmed an "overweight" rating and set a $530.00 price target on shares of Casey's General Stores in a report on Tuesday, September 9th. BMO Capital Markets lifted their price objective on Casey's General Stores from $515.00 to $540.00 and gave the company a "market perform" rating in a research report on Wednesday, September 10th. Evercore ISI boosted their price objective on Casey's General Stores from $560.00 to $580.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Finally, KeyCorp raised their target price on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $529.10.

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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