Korea Investment CORP Invests $41.48 Million in Casey's General Stores, Inc. $CASY

Key Points

• Korea Investment CORP initiated a $41.48 million position in Casey’s General Stores, purchasing 52,185 shares, while institutional investors collectively own 85.63% of the company.
• Analyst sentiment is positive, with 14 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $944.20.
• Casey’s reported quarterly EPS of $4.37, beating estimates by $1.06, while revenue rose 14.5% year over year; the company also increased its quarterly dividend to $0.65 per share.

Korea Investment CORP bought a new position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 52,185 shares of the company's stock, valued at approximately $41,476,000. Korea Investment CORP owned 0.14% of Casey's General Stores as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Casey's General Stores during the second quarter valued at approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Casey's General Stores by 179,938.2% in the fourth 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 during the period. Norges Bank purchased a new position in shares of Casey's General Stores in the fourth quarter worth $265,163,000. Bank of New York Mellon Corp bought a new stake in Casey's General Stores during the 2nd quarter valued at $281,011,000. Finally, Franklin Resources Inc. raised its holdings in Casey's General Stores by 40.9% during the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock valued at $590,671,000 after buying an additional 310,470 shares during the last quarter. 85.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CASY. BNP Paribas Exane cut their target price on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a research note on Thursday, June 25th. BMO Capital Markets raised Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price target for the company in a research report on Monday, June 29th. The Goldman Sachs Group increased their price objective on Casey's General Stores from $695.00 to $795.00 and gave the stock a "neutral" rating in a report on Thursday, June 25th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $913.00 price objective on shares of Casey's General Stores in a research report on Wednesday, July 29th. Finally, Northcoast Research raised Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 target price on the stock in a research note on Monday, July 13th. Fourteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $944.20.

Insider Activity at Casey's General Stores

In other news, CEO Darren M. Rebelez sold 19,000 shares of the business's stock in a transaction on 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 completion of the sale, the chief executive officer owned 89,174 shares of the company's stock, valued at $71,469,394.04. The trade was a 17.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the business's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $800.00, for a total value of $1,600,000.00. Following the sale, the insider directly owned 6,668 shares of the company's stock, valued at $5,334,400. This represents a 23.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,243 shares of company stock valued at $24,421,877 in the last three months. Corporate insiders own 0.67% of the company's stock.

Casey's General Stores Price Performance

Shares of CASY opened at $835.74 on Friday. Casey's General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The firm's 50-day simple moving average is $837.28 and its two-hundred day simple moving average is $775.89. The stock has a market cap of $30.93 billion, a PE ratio of 43.62, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.Casey's General Stores's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.63 EPS. Analysts anticipate that Casey's General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.3%. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date was Friday, July 31st. Casey's General Stores's dividend payout ratio (DPR) is presently 13.57%.

Casey's General Stores 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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