Henshaw Capital LLC Sells 3,183 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Henshaw Capital cut its Casey’s General Stores stake by 40.5% in the first quarter, selling 3,183 shares and retaining 4,679 shares valued at approximately $3.4 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported a strong quarter, with EPS of $4.37 exceeding estimates of $3.31 and revenue rising 14.5% year over year to $4.57 billion. The stock opened at $871, near its 52-week high of $927.85.
• The company raised its quarterly dividend to $0.65 per share, up from $0.57, implying an annualized dividend of $2.60 and a 0.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $944.20.

Henshaw Capital LLC trimmed its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 40.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,679 shares of the company's stock after selling 3,183 shares during the quarter. Henshaw Capital LLC's holdings in Casey's General Stores were worth $3,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Casey's General Stores by 179,938.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock worth $1,469,747,000 after buying an additional 2,657,687 shares in the last quarter. Norges Bank bought a new stake in Casey's General Stores in the fourth quarter valued at $265,163,000. Franklin Resources Inc. grew its position in Casey's General Stores by 40.9% in the fourth quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock valued at $590,671,000 after acquiring an additional 310,470 shares during the period. Goldman Sachs Group Inc. grew its position in Casey's General Stores by 175.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock valued at $260,622,000 after acquiring an additional 300,249 shares during the period. Finally, Corient Private Wealth LLC raised its stake in Casey's General Stores by 115.9% during the fourth quarter. Corient Private Wealth LLC now owns 423,666 shares of the company's stock worth $234,164,000 after acquiring an additional 227,403 shares in the last quarter. 85.63% of the stock is currently owned by institutional investors.

Insider Activity

In other Casey's General Stores news, 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 completion of the sale, the insider owned 9,823 shares in the company, valued at approximately $7,735,514.27. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the business's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer directly owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. This represents a 16.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is currently owned by insiders.

Casey's General Stores Price Performance

Casey's General Stores stock opened at $871.00 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The firm has a market cap of $32.24 billion, a P/E ratio of 45.46, a P/E/G ratio of 2.61 and a beta of 0.62. The business's fifty day moving average is $823.78 and its two-hundred day moving average is $752.36. Casey's General Stores, Inc. has a 52 week low of $490.00 and a 52 week high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the business earned $2.63 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts forecast that Casey's General Stores, Inc. will post 21.14 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's payout ratio is currently 11.90%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Capital One Financial assumed coverage on Casey's General Stores in a report on Monday, June 22nd. They set an "equal weight" rating and a $896.00 price objective for the company. UBS Group increased their target price on shares of Casey's General Stores from $805.00 to $945.00 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. Zacks Research downgraded shares of Casey's General Stores from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Evercore reissued an "outperform" rating and set a $990.00 price target on shares of Casey's General Stores in a report on Friday, June 12th. Finally, The Goldman Sachs Group boosted 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. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $944.20.

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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