Maridea Wealth Management LLC Makes New $328,000 Investment in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Maridea Wealth Management LLC made a new investment of $328,000 in Casey's General Stores, purchasing 755 shares during the 1st quarter.
• Casey's General Stores recently announced an increase in its quarterly dividend to $0.57 per share, reflecting a positive change from the previous dividend of $0.50.
• The firm reported a strong earnings performance for the last quarter, with earnings per share (EPS) of $2.63, exceeding analyst estimates by $0.69.

Maridea Wealth Management LLC bought a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 755 shares of the company's stock, valued at approximately $328,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CASY. Versant Capital Management Inc acquired a new position in Casey's General Stores during the 1st quarter valued at about $25,000. Global Financial Private Client LLC lifted its position in shares of Casey's General Stores by 325.0% during the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after buying an additional 52 shares in the last quarter. Iron Horse Wealth Management LLC increased its stake in shares of Casey's General Stores by 40.0% during the 1st quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after purchasing an additional 26 shares during the last quarter. Whipplewood Advisors LLC increased its stake in shares of Casey's General Stores by 160.0% during the 1st quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock worth $51,000 after purchasing an additional 72 shares during the last quarter. Finally, Wayfinding Financial LLC bought a new position in Casey's General Stores in the 1st quarter worth approximately $59,000. 85.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CASY shares. BMO Capital Markets increased their price target on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a report on Wednesday, June 11th. Evercore ISI upped their price target on shares of Casey's General Stores from $450.00 to $460.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Wells Fargo & Company upped 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 report on Wednesday, June 11th. Finally, KeyCorp boosted their price objective on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Stock Down 0.6%

Shares of CASY traded down $3.08 during trading hours on Tuesday, hitting $521.96. The company had a trading volume of 254,187 shares, compared to its average volume of 284,802. The firm has a fifty day moving average price of $494.05 and a 200-day moving average price of $450.08. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92. The stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 35.65 and a beta of 0.69. Casey's General Stores, Inc. has a 52-week low of $350.52 and a 52-week high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%. Casey's General Stores's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.34 EPS. On average, equities research analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be given a $0.57 dividend. The ex-dividend date is Friday, August 1st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 annualized dividend and a yield of 0.44%. Casey's General Stores's dividend payout ratio is 13.66%.

Insiders Place Their Bets

In related news, CEO Darren M. Rebelez sold 20,000 shares of Casey's General Stores stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total value of $10,156,600.00. Following the completion of the sale, the chief executive officer directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. This trade represents a 18.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of Casey's General Stores stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $509.21, for a total value of $4,317,082.38. Following the completion of the sale, the chief financial officer owned 26,754 shares of the company's stock, valued at $13,623,404.34. The trade was a 24.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,646 shares of company stock worth $22,136,614 in the last three months. Corporate insiders own 0.54% of the company's stock.

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.