Lord Abbett & CO. LLC Sells 4,500 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Casey's General Stores by 7.4%, holding 55,952 shares valued at approximately $24.29 million as of its latest SEC filing.
• Total institutional ownership in Casey's General Stores stands at 85.63%, indicating strong support from institutional investors, with notable increases from firms like JPMorgan and T. Rowe Price.
• Casey's General Stores recently announced a quarterly dividend increase to $0.57 per share, representing an annual yield of 0.4%, reflecting positive financial performance with a 10.9% year-over-year revenue growth.

Lord Abbett & CO. LLC reduced its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,952 shares of the company's stock after selling 4,500 shares during the period. Lord Abbett & CO. LLC owned 0.15% of Casey's General Stores worth $24,285,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CASY. Barclays PLC grew its stake in shares of Casey's General Stores by 41.4% in the fourth quarter. Barclays PLC now owns 31,803 shares of the company's stock valued at $12,600,000 after acquiring an additional 9,316 shares in the last quarter. CreativeOne Wealth LLC grew its stake in shares of Casey's General Stores by 25.9% in the fourth quarter. CreativeOne Wealth LLC now owns 1,262 shares of the company's stock valued at $500,000 after acquiring an additional 260 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Casey's General Stores by 8.7% in the fourth quarter. NewEdge Advisors LLC now owns 1,758 shares of the company's stock valued at $697,000 after acquiring an additional 141 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Casey's General Stores in the fourth quarter valued at about $20,274,000. Finally, Farringdon Capital Ltd. acquired a new position in shares of Casey's General Stores in the fourth quarter valued at about $369,000. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Casey's General Stores

In other news, CFO Stephen P. Bramlage, Jr. sold 760 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $507.56, for a total transaction of $385,745.60. Following the sale, the chief financial officer directly owned 25,994 shares in the company, valued at $13,193,514.64. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $506.07, for a total value of $1,012,140.00. Following the sale, the insider owned 4,636 shares in the company, valued at approximately $2,346,140.52. This represents a 30.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,646 shares of company stock worth $22,136,614. 0.54% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CASY. BMO Capital Markets upped their price objective on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada raised their price target on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. KeyCorp raised their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Stephens restated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a research note on Tuesday, June 10th. Finally, Wells Fargo & Company raised their price target on shares of Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus price target of $467.33.

Casey's General Stores Trading Up 0.8%

Casey's General Stores stock traded up $3.8750 during mid-day trading on Wednesday, hitting $512.9150. 118,264 shares of the stock were exchanged, compared to its average volume of 349,129. The stock has a market capitalization of $19.07 billion, a price-to-earnings ratio of 35.03 and a beta of 0.69. Casey's General Stores, Inc. has a 12 month low of $350.52 and a 12 month high of $531.24. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The firm's fifty day simple moving average is $514.80 and its two-hundred day simple moving average is $461.68.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping the consensus estimate 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 company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter last year, the firm posted $2.34 EPS. The company's quarterly revenue was up 10.9% on a year-over-year basis. Analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio (DPR) is presently 15.57%.

Casey's General Stores Company 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.