778 Shares in Casey's General Stores, Inc. $CASY Acquired by Ground Swell Capital LLC

Key Points

• Ground Swell Capital LLC has acquired 778 shares of Casey's General Stores, representing an investment of approximately $338,000 in the first quarter of 2023.
• Casey's General Stores reported strong earnings of $2.63 per share for the latest quarter, surpassing expectations with revenue increasing by 10.9% year-over-year.
• The company recently announced a quarterly dividend increase to $0.57 per share, reflecting a positive shift from the previous dividend of $0.50.

Ground Swell Capital LLC purchased a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 778 shares of the company's stock, valued at approximately $338,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CASY. GAMMA Investing LLC increased its position in shares of Casey's General Stores by 54,448.8% during the first quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock worth $236,054,000 after buying an additional 542,855 shares during the period. JPMorgan Chase & Co. increased its position in shares of Casey's General Stores by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after buying an additional 306,628 shares during the period. Nuveen LLC acquired a new stake in shares of Casey's General Stores during the first quarter worth $76,467,000. Bank of New York Mellon Corp increased its position in shares of Casey's General Stores by 51.5% during the first quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock worth $223,792,000 after buying an additional 175,372 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Casey's General Stores by 699.6% during the first quarter. PNC Financial Services Group Inc. now owns 126,845 shares of the company's stock worth $55,056,000 after buying an additional 110,982 shares during the period. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Mike Spanos acquired 200 shares of the stock in a transaction on Monday, June 30th. The shares were acquired at an average price of $503.18 per share, with a total value of $100,636.00. Following the completion of the transaction, the director owned 3,560 shares in the company, valued at approximately $1,791,320.80. The trade was a 5.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Darren M. Rebelez sold 20,000 shares of Casey's General Stores stock in a transaction dated Tuesday, June 17th. The stock was 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 directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. This represents a 18.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,646 shares of company stock valued at $22,136,614. Company insiders own 0.54% of the company's stock.

Casey's General Stores Stock Down 0.3%

Shares of NASDAQ CASY traded down $1.64 during mid-day trading on Monday, reaching $506.20. 190,690 shares of the company's stock traded hands, compared to its average volume of 351,824. The stock has a market cap of $18.82 billion, a P/E ratio of 34.58 and a beta of 0.69. The business has a 50-day simple moving average of $513.09 and a 200 day simple moving average of $460.76. Casey's General Stores, Inc. has a 1-year low of $350.52 and a 1-year high of $531.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.95 billion. During the same period last year, the company earned $2.34 earnings per share. The business's revenue was up 10.9% on a year-over-year basis. On average, 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 business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a $0.57 dividend. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, August 1st. Casey's General Stores's payout ratio is presently 15.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CASY shares. The Goldman Sachs Group increased their price objective on shares of 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. BMO Capital Markets raised their price target on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a report on Wednesday, June 11th. Stephens restated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a report on Tuesday, June 10th. Wells Fargo & Company raised their price target on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, KeyCorp raised their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $467.33.

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.