Fjarde AP Fonden Fourth Swedish National Pension Fund Takes $5.44 Million Position in Casey's General Stores, Inc. $CASY

Key Points

• Fjarde AP Fonden opened a new position in Casey's General Stores during the first quarter, buying 7,480 shares worth about $5.44 million.
• Casey's posted strong quarterly results, reporting EPS of $4.37 versus $3.31 expected and revenue of $4.57 billion, with revenue up 14.5% year over year.
• The company raised its quarterly dividend to $0.65 per share from $0.57, while analysts currently rate the stock a Moderate Buy with an average price target of $939.29.

Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,480 shares of the company's stock, valued at approximately $5,444,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Elevation Point Wealth Partners LLC acquired a new stake in shares of Casey's General Stores in the first quarter worth approximately $665,000. Fulton Bank N.A. grew its holdings in shares of Casey's General Stores by 20.2% during the first quarter. Fulton Bank N.A. now owns 743 shares of the company's stock worth $541,000 after buying an additional 125 shares in the last quarter. James Investment Research Inc. raised its position in shares of Casey's General Stores by 10.5% in the first quarter. James Investment Research Inc. now owns 9,557 shares of the company's stock valued at $6,956,000 after buying an additional 906 shares during the last quarter. IFM Investors Pty Ltd acquired a new position in Casey's General Stores during the first quarter worth about $5,571,000. Finally, SevenBridge Financial Group LLC acquired a new stake in Casey's General Stores in the 1st quarter valued at about $3,678,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Casey's General Stores

In related news, insider Katrina S. Lindsey sold 2,000 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $800.00, for a total value of $1,600,000.00. Following the sale, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. The trade was a 23.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chad Michael Frazell sold 3,013 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the transaction, the insider owned 9,823 shares of the company's stock, valued at $7,735,514.27. This trade represents a 23.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank Of Canada upped their target price on Casey's General Stores from $794.00 to $850.00 and gave the company a "sector perform" rating in a report on Thursday, June 25th. Capital One Financial started coverage on shares of Casey's General Stores in a research report on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price objective for the company. Zacks Research lowered shares of Casey's General Stores from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Wells Fargo & Company increased their price target on shares of Casey's General Stores from $910.00 to $960.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group lifted their price target on shares of Casey's General Stores from $695.00 to $795.00 and gave the company a "neutral" rating in a research report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $939.29.

Casey's General Stores Price Performance

Shares of CASY opened at $797.42 on Monday. The firm has a 50-day simple moving average of $820.92 and a two-hundred day simple moving average of $714.01. The stock has a market cap of $29.51 billion, a PE ratio of 41.62, a P/E/G ratio of 2.40 and a beta of 0.62. Casey's General Stores, Inc. has a 1-year low of $490.00 and a 1-year high of $927.85. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.63 EPS. As a group, analysts forecast that Casey's General Stores, Inc. will post 21.05 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 14th. Stockholders of record on Saturday, August 1st will be paid a $0.65 dividend. The ex-dividend date of this dividend is Friday, July 31st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. Casey's General Stores's payout ratio is presently 11.90%.

Casey's General Stores Company Profile

Casey's General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company's stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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