Meridian Wealth Management LLC Acquires 507 Shares of Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Meridian Wealth Management LLC increased its stake in Casey's General Stores by 71.6%, adding 507 shares to own a total of 1,215 shares valued at $527,000.
• Insider sales included CEO Darren M. Rebelez selling 20,000 shares for over $10 million, reflecting an 18.21% decrease in his position.
• Casey’s General Stores has announced a quarterly dividend increase to $0.57, leading to an annualized dividend of $2.28 and a yield of 0.4%.

Meridian Wealth Management LLC raised its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 71.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,215 shares of the company's stock after buying an additional 507 shares during the period. Meridian Wealth Management LLC's holdings in Casey's General Stores were worth $527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc bought a new stake in Casey's General Stores in the first quarter valued at approximately $25,000. Global Financial Private Client LLC raised its stake in Casey's General Stores by 325.0% in the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after buying an additional 52 shares during the period. Iron Horse Wealth Management LLC raised its stake in Casey's General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after buying an additional 26 shares during the period. Whipplewood Advisors LLC raised its stake in Casey's General Stores by 160.0% in the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock valued at $51,000 after buying an additional 72 shares during the period. Finally, Wayfinding Financial LLC bought a new stake in Casey's General Stores in the first quarter valued at approximately $59,000. Institutional investors own 85.63% of the company's stock.

Insider Buying and Selling

In other news, insider Chad Michael Frazell sold 4,808 shares of Casey's General Stores stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the transaction, the insider owned 11,480 shares in the company, valued at approximately $5,785,575.60. This trade represents a 29.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Darren M. Rebelez sold 20,000 shares of Casey's General Stores stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total value of $10,156,600.00. Following the completion of the transaction, the chief executive officer owned 89,840 shares in the company, valued at approximately $45,623,447.20. The trade was a 18.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,646 shares of company stock worth $22,136,614. 0.54% of the stock is owned by company insiders.

Casey's General Stores Trading Down 0.9%

Shares of NASDAQ:CASY opened at $515.09 on Thursday. The company has a market capitalization of $19.15 billion, a P/E ratio of 35.18 and a beta of 0.69. Casey's General Stores, Inc. has a 1 year low of $350.52 and a 1 year high of $531.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48. The business's 50 day simple moving average is $510.56 and its 200 day simple moving average is $458.97.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.69. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.34 earnings per share. On average, research analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is 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 is 15.57%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CASY. Royal Bank Of Canada upped their price objective on 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. The Goldman Sachs Group lifted their price target on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Wells Fargo & Company lifted their price target on Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, KeyCorp lifted their price target on Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $467.33.

About Casey's General Stores

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.

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