Envestnet Portfolio Solutions Inc. Sells 6,779 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Envestnet Portfolio Solutions Inc. has significantly reduced its stake in Casey's General Stores by selling 6,779 shares, resulting in a 68.2% decrease in ownership.
• Analysts have expressed positive sentiment towards the company, with Zacks upgrading its rating to "strong-buy" and several firms raising their price targets, reflecting increasing confidence in the stock.
• Casey’s General Stores announced a quarterly dividend of $0.57 per share, which will be paid to shareholders on November 14th, indicating a sustainable profit distribution strategy.

Envestnet Portfolio Solutions Inc. reduced its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 68.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,155 shares of the company's stock after selling 6,779 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Casey's General Stores were worth $1,610,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Samlyn Capital LLC raised its position in Casey's General Stores by 42.8% during the first quarter. Samlyn Capital LLC now owns 255,659 shares of the company's stock worth $110,966,000 after acquiring an additional 76,673 shares in the last quarter. Security National Bank raised its position in Casey's General Stores by 9.7% during the first quarter. Security National Bank now owns 5,674 shares of the company's stock worth $2,463,000 after acquiring an additional 504 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in Casey's General Stores during the first quarter worth $201,000. M&T Bank Corp raised its position in Casey's General Stores by 39.6% during the first quarter. M&T Bank Corp now owns 2,515 shares of the company's stock worth $1,092,000 after acquiring an additional 713 shares in the last quarter. Finally, Ground Swell Capital LLC bought a new stake in Casey's General Stores during the first quarter worth $338,000. 85.63% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CASY has been the topic of several research reports. Zacks Research upgraded shares of Casey's General Stores from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Royal Bank Of Canada upped their price objective 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. Evercore ISI upped their price objective on shares of Casey's General Stores from $560.00 to $580.00 and gave the company an "outperform" rating in a report on Wednesday, September 10th. The Goldman Sachs Group upped 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 report on Wednesday, September 10th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Casey's General Stores in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus target price of $536.10.

Casey's General Stores Trading Up 1.0%

CASY stock opened at $567.05 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.61 and a current ratio of 1.03. The company's 50-day simple moving average is $534.08 and its 200 day simple moving average is $497.77. Casey's General Stores, Inc. has a 52 week low of $372.08 and a 52 week high of $572.18. The company has a market capitalization of $21.08 billion, a PE ratio of 36.40 and a beta of 0.68.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly 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. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same period in the prior year, the company posted $4.83 earnings per share. Casey's General Stores's revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Casey's General Stores, Inc. will post 13.94 earnings per share for the current year.

Casey's General Stores Announces Dividend

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

Insider Transactions at Casey's General Stores

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

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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