Dillon & Associates Inc. Boosts Stock Position 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 position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 85.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,183 shares of the company's stock after purchasing an additional 7,900 shares during the quarter. Casey's General Stores accounts for about 1.1% of Dillon & Associates Inc.'s holdings, making the stock its 28th largest holding. Dillon & Associates Inc.'s holdings in Casey's General Stores were worth $7,457,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc purchased a new position in shares of Casey's General Stores in the 1st quarter worth about $25,000. Global Financial Private Client LLC lifted its stake in shares of Casey's General Stores by 325.0% in the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after acquiring an additional 52 shares during the last quarter. Iron Horse Wealth Management LLC lifted its stake in shares of Casey's General Stores by 40.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after acquiring an additional 26 shares during the last quarter. Whipplewood Advisors LLC raised its position in Casey's General Stores by 160.0% during the 1st quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock valued at $51,000 after purchasing an additional 72 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new position in Casey's General Stores during the 1st quarter valued at approximately $59,000. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CASY shares. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. BMO Capital Markets increased their target price on Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 11th. The Goldman Sachs Group increased their target price on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 11th. Stephens reissued 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. Finally, Royal Bank Of Canada increased 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $467.33.

Insider Transactions at Casey's General Stores

In other news, Director Mike Spanos purchased 200 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was purchased at an average price of $503.18 per share, for a total transaction of $100,636.00. Following the completion of the acquisition, the director owned 3,560 shares of the company's stock, valued at approximately $1,791,320.80. This trade represents a 5.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Darren M. Rebelez sold 20,000 shares of the business'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 of the company's stock, valued at $45,623,447.20. The trade was a 18.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,646 shares of company stock valued at $22,136,614 in the last ninety days. Corporate insiders own 0.54% of the company's stock.

Casey's General Stores Trading Up 0.1%

Shares of Casey's General Stores stock opened at $518.97 on Monday. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 35.45 and a beta of 0.69. The business has a 50-day moving average price of $506.09 and a 200-day moving average price of $457.42. 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 twelve month low of $350.52 and a twelve month high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $1.94 by $0.69. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates 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 revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $2.34 earnings per share. Equities research analysts anticipate that Casey's General Stores, Inc. will post 13.94 EPS 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 issued a $0.57 dividend. The ex-dividend date is Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. Casey's General Stores's dividend payout ratio (DPR) is presently 15.57%.

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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