Hsbc Holdings PLC Increases Holdings in Casey's General Stores, Inc. $CASY

Key Points

• HSBC Holdings increased its Casey’s General Stores stake by 573.4% in the second quarter, owning 61,287 shares valued at approximately $48.7 million. Institutional investors collectively hold 85.63% of the company.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and six Holds. Casey’s has a “Moderate Buy” consensus rating and an average price target of $928.53.
• Casey’s exceeded quarterly expectations, reporting $4.37 in EPS versus the $3.31 consensus and $4.57 billion in revenue, up 14.5% year over year. However, company insiders sold 30,243 shares worth about $24.4 million during the quarter.

Hsbc Holdings PLC raised its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 573.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 61,287 shares of the company's stock after acquiring an additional 52,186 shares during the quarter. Hsbc Holdings PLC owned approximately 0.17% of Casey's General Stores worth $48,669,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CASY. Geode Capital Management LLC boosted its holdings in shares of Casey's General Stores by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock valued at $420,416,000 after buying an additional 52,250 shares in the last quarter. Daiichi Life Insurance Co. Ltd. acquired a new stake in Casey's General Stores during the 2nd quarter worth $1,222,000. Burns J W & Co. Inc. NY raised its stake in Casey's General Stores by 103.5% during the 1st quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company's stock worth $1,782,000 after acquiring an additional 1,245 shares in the last quarter. North Dakota State Investment Board purchased a new stake in Casey's General Stores in the fourth quarter valued at $720,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in Casey's General Stores by 52.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,079 shares of the company's stock valued at $12,431,000 after acquiring an additional 5,846 shares during the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on CASY shares. Zacks Research lowered 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 issued a $990.00 target price on shares of Casey's General Stores in a report on Friday, June 12th. BMO Capital Markets raised Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 target price for the company in a research report on Monday, June 29th. Stephens set a $975.00 target price on Casey's General Stores and gave the company an "overweight" rating in a research report on Friday, June 12th. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $913.00 price target on shares of Casey's General Stores in a research note on Wednesday, July 29th. Fourteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Casey's General Stores has an average rating of "Moderate Buy" and a consensus price target of $928.53.

Insiders Place Their Bets

In other news, CEO Darren Rebelez sold 19,000 shares of the business's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the transaction, the chief executive officer directly owned 89,174 shares in the company, valued at $71,469,394.04. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Katrina Lindsey sold 2,000 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the transaction, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. This trade represents a 23.07% 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 valued at $24,421,877. Corporate insiders own 0.67% of the company's stock.

Casey's General Stores Price Performance

Shares of NASDAQ CASY opened at $756.09 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. The stock has a fifty day moving average price of $826.62 and a 200 day moving average price of $786.29. Casey's General Stores, Inc. has a 1-year low of $497.38 and a 1-year high of $927.85. The company has a market cap of $27.98 billion, a PE ratio of 39.46, a P/E/G ratio of 2.58 and a beta of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $1.06. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. Casey's General Stores's revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.63 EPS. Sell-side analysts forecast that Casey's General Stores, Inc. will post 21.13 EPS for the current year.

About Casey's General Stores

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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