Dillon & Associates Inc. Raises Stake in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Dillon & Associates Inc. increased its stake in Casey's General Stores by 85.1%, bringing its total shares owned to 17,183, valued at approximately $7.46 million.
• Several analysts raised their ratings and target prices for Casey's General Stores, with the average target price now at $467.33 and a consensus rating of "Moderate Buy".
• Casey's General Stores declared a quarterly dividend of $0.57, up from the previous $0.50, with the dividend payout ratio currently at 15.57%.

Dillon & Associates Inc. lifted its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 85.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,183 shares of the company's stock after buying an additional 7,900 shares during the quarter. Casey's General Stores comprises 1.1% of Dillon & Associates Inc.'s portfolio, making the stock its 28th largest position. Dillon & Associates Inc.'s holdings in Casey's General Stores were worth $7,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of CASY. Natixis grew its holdings in Casey's General Stores by 21.9% in the fourth quarter. Natixis now owns 8,337 shares of the company's stock worth $3,303,000 after purchasing an additional 1,499 shares during the period. Integrated Wealth Concepts LLC grew its holdings in Casey's General Stores by 50.2% in the fourth quarter. Integrated Wealth Concepts LLC now owns 2,592 shares of the company's stock worth $1,027,000 after purchasing an additional 866 shares during the period. Security National Bank grew its holdings in Casey's General Stores by 9.7% in the first quarter. Security National Bank now owns 5,674 shares of the company's stock worth $2,463,000 after purchasing an additional 504 shares during the period. Cornerstone Wealth Management LLC purchased a new stake in Casey's General Stores in the first quarter worth about $201,000. Finally, M&T Bank Corp grew its holdings in Casey's General Stores by 39.6% in the first quarter. M&T Bank Corp now owns 2,515 shares of the company's stock worth $1,092,000 after purchasing an additional 713 shares during the period. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Down 0.1%

Shares of Casey's General Stores stock traded down $0.66 on Friday, reaching $507.53. The stock had a trading volume of 85,095 shares, compared to its average volume of 352,131. The company has a 50 day moving average price of $511.81 and a 200 day moving average price of $459.58. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. Casey's General Stores, Inc. has a 1 year low of $350.52 and a 1 year high of $531.24. The stock has a market capitalization of $18.87 billion, a P/E ratio of 34.67 and a beta of 0.69.

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

Casey's General Stores Increases Dividend

The company also recently disclosed 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 positive change 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 dividend on an annualized basis and a yield of 0.4%. Casey's General Stores's payout ratio is 15.57%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. BMO Capital Markets upped their target price 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. Wells Fargo & Company increased their price objective on shares of Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. The Goldman Sachs Group increased their price objective on shares of Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a research report on Wednesday, June 11th. Finally, Stephens restated an "overweight" rating and set a $490.00 price objective on shares of Casey's General Stores in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $467.33.

Insider Transactions at Casey's General Stores

In other Casey's General Stores news, CEO Darren M. Rebelez sold 20,000 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the sale, the chief executive officer directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. The trade was a 18.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas P. Brennan, Jr. sold 6,600 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $506.03, for a total transaction of $3,339,798.00. Following the completion of the transaction, the insider directly owned 2,100 shares of the company's stock, valued at $1,062,663. The trade was a 75.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,646 shares of company stock worth $22,136,614 over the last quarter. 0.54% of the stock is currently owned by corporate insiders.

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.