Man Group plc Buys Shares of 138,999 Casey's General Stores, Inc. $CASY

Key Points

• Man Group plc acquired 138,999 shares of Casey’s General Stores worth approximately $110.5 million, giving it a 0.38% stake. Institutional investors collectively own 85.63% of the company.
• Casey’s reported strong quarterly results, with earnings of $4.37 per share versus the $3.31 estimate and revenue of $4.57 billion, up 14.5% year over year.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and a $944.20 price target, while the company raised its quarterly dividend to $0.65 per share.

Man Group plc bought a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 138,999 shares of the company's stock, valued at approximately $110,475,000. Man Group plc owned 0.38% of Casey's General Stores at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CASY. Fiduciary Financial Advisors acquired a new stake in shares of Casey's General Stores during the second quarter worth $26,000. Whipplewood Advisors LLC acquired a new position in Casey's General Stores in the 1st quarter valued at $33,000. Bell Investment Advisors Inc acquired a new position in Casey's General Stores in the 2nd quarter valued at $33,000. Larson Financial Group LLC raised its position in Casey's General Stores by 252.4% during the 4th quarter. Larson Financial Group LLC now owns 74 shares of the company's stock worth $41,000 after buying an additional 53 shares during the last quarter. Finally, RMG Wealth Management LLC raised its position in Casey's General Stores by 250.0% during the 1st quarter. RMG Wealth Management LLC now owns 56 shares of the company's stock worth $41,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on CASY. UBS Group raised 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 note on Thursday, June 11th. Zacks Research cut shares of Casey's General Stores from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Stephens set a $975.00 price target on shares of Casey's General Stores and gave the stock an "overweight" rating in a report on Friday, June 12th. The Goldman Sachs Group raised their price objective 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. Finally, William Blair assumed coverage on Casey's General Stores in a report on Wednesday, May 20th. They issued an "outperform" rating on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $944.20.

Casey's General Stores Trading Down 3.4%

NASDAQ:CASY opened at $824.92 on Wednesday. The stock has a fifty day moving average price of $836.11 and a two-hundred day moving average price of $779.69. The stock has a market capitalization of $30.53 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 2.92 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, Inc. has a 1 year low of $490.00 and a 1 year high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued 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 net margin of 4.07% and a return on equity of 18.73%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the firm earned $2.63 EPS. The business's revenue was up 14.5% on a year-over-year basis. As a group, sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend 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 13.57%.

Insider Activity

In other Casey's General Stores news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value 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 trade represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Katrina S. Lindsey sold 2,000 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the completion of the transaction, the insider directly owned 6,668 shares of the company's stock, 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. Insiders have sold 30,243 shares of company stock valued at $24,421,877 in the last quarter. Insiders own 0.67% of the company's stock.

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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