Penobscot Investment Management Company Inc. Invests $1.74 Million in Casey's General Stores, Inc. $CASY

Key Points

• Penobscot Investment Management has invested $1.74 million in Casey's General Stores, purchasing 3,412 shares of the company.
• A number of large investors, including Wellington Management and JPMorgan Chase, have significantly increased their holdings in Casey's General Stores in the first quarter.
• Casey's General Stores recently reported earnings that exceeded analysts' expectations, with $5.77 EPS against a consensus estimate of $5.02.

Penobscot Investment Management Company Inc. bought a new position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,412 shares of the company's stock, valued at approximately $1,741,000.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Casey's General Stores by 190.6% in the first quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock valued at $540,081,000 after acquiring an additional 816,110 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Casey's General Stores by 42.0% in the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock valued at $449,851,000 after acquiring an additional 306,628 shares during the period. Raymond James Financial Inc. boosted its position in shares of Casey's General Stores by 8.9% in the first quarter. Raymond James Financial Inc. now owns 649,815 shares of the company's stock valued at $282,045,000 after acquiring an additional 52,939 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Casey's General Stores by 51.5% in the first quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock valued at $223,792,000 after acquiring an additional 175,372 shares during the period. Finally, Northern Trust Corp lifted its position in Casey's General Stores by 0.6% during the first quarter. Northern Trust Corp now owns 334,445 shares of the company's stock valued at $145,163,000 after purchasing an additional 1,941 shares during the last quarter. 85.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on CASY shares. The Goldman Sachs Group lifted their target price on shares of Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Weiss Ratings reissued a "buy (b)" rating on shares of Casey's General Stores in a research note on Saturday, September 27th. Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Stephens reissued an "overweight" rating and set a $530.00 price target on shares of Casey's General Stores in a research note on Tuesday, September 9th. Finally, Evercore ISI lifted their target price on shares of Casey's General Stores from $560.00 to $580.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $529.10.

Insider Buying and Selling

In related news, insider Chad Michael Frazell sold 3,487 shares of the business's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the sale, the insider owned 7,993 shares of the company's stock, valued at $4,439,312.20. The trade was a 30.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is owned by insiders.

Casey's General Stores Stock Up 1.1%

Shares of Casey's General Stores stock opened at $567.48 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.61 and a debt-to-equity ratio of 0.65. The company's fifty day simple moving average is $526.40 and its two-hundred day simple moving average is $488.11. The company has a market cap of $21.10 billion, a P/E ratio of 36.42 and a beta of 0.68. Casey's General Stores, Inc. has a 12-month low of $366.00 and a 12-month high of $571.57.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.02 by $0.75. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.83 EPS. Research analysts anticipate that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.28 annualized dividend and a yield of 0.4%. Casey's General Stores's payout ratio is presently 14.63%.

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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