Envestnet Asset Management Inc. Reduces Holdings in Casey's General Stores, Inc. (NASDAQ:CASY)

Envestnet Asset Management Inc. cut its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 1.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 411,294 shares of the company's stock after selling 7,778 shares during the period. Envestnet Asset Management Inc. owned about 1.11% of Casey's General Stores worth $178,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC lifted its position in Casey's General Stores by 4.1% during the first quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company's stock valued at $256,000 after purchasing an additional 23 shares during the period. HighPoint Advisor Group LLC lifted its position in Casey's General Stores by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,468 shares of the company's stock valued at $628,000 after purchasing an additional 25 shares during the period. Burns J W & Co. Inc. NY lifted its position in Casey's General Stores by 2.1% during the first quarter. Burns J W & Co. Inc. NY now owns 1,204 shares of the company's stock valued at $522,000 after purchasing an additional 25 shares during the period. Sunbelt Securities Inc. lifted its position in Casey's General Stores by 1.4% during the first quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company's stock valued at $812,000 after purchasing an additional 26 shares during the period. Finally, Dark Forest Capital Management LP lifted its position in Casey's General Stores by 3.2% during the fourth quarter. Dark Forest Capital Management LP now owns 902 shares of the company's stock valued at $357,000 after purchasing an additional 28 shares during the period. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Casey's General Stores

In related news, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 89,840 shares of the company's stock, 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 is accessible through the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 760 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total transaction of $385,745.60. Following the sale, the chief financial officer directly owned 25,994 shares of the company's stock, valued at approximately $13,193,514.64. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,646 shares of company stock worth $22,136,614 in the last 90 days. 0.56% of the stock is owned by insiders.

Casey's General Stores Price Performance

Shares of CASY traded up $1.28 during mid-day trading on Thursday, hitting $523.60. 380,528 shares of the company were exchanged, compared to its average volume of 305,358. Casey's General Stores, Inc. has a 1-year low of $350.52 and a 1-year high of $526.82. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92. The company has a 50 day moving average of $476.13 and a 200-day moving average of $438.61. The stock has a market cap of $19.47 billion, a price-to-earnings ratio of 35.77 and a beta of 0.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The company's revenue for the quarter was up 10.9% on a year-over-year basis. Analysts expect that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 0.44%. The ex-dividend date is Friday, August 1st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio is currently 13.66%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research report on Wednesday, June 11th. Wells Fargo & Company upped their price objective on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Evercore ISI upped their price objective on shares of Casey's General Stores from $450.00 to $460.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. 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. Finally, Stephens reiterated an "overweight" rating and issued 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 given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $461.00.

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.