Price T Rowe Associates Inc. MD Lowers Holdings in Casey's General Stores, Inc. $CASY

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Casey's General Stores by 6.7%, now owning 193,937 shares worth approximately $84.2 million.
• Insider Thomas P. Brennan, Jr. sold 6,600 shares at an average price of $506.03, marking a significant 75.86% decrease in his ownership.
• Casey's General Stores recently increased its quarterly dividend payout from $0.50 to $0.57, reflecting a strong performance in their financial results with a revenue increase of 10.9% year-over-year.

Price T Rowe Associates Inc. MD decreased its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 6.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 193,937 shares of the company's stock after selling 14,001 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.52% of Casey's General Stores worth $84,177,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its stake in Casey's General Stores by 50.2% during the fourth quarter. Integrated Wealth Concepts LLC now owns 2,592 shares of the company's stock valued at $1,027,000 after buying an additional 866 shares during the last quarter. Security National Bank increased its holdings in shares of Casey's General Stores by 9.7% in the 1st quarter. Security National Bank now owns 5,674 shares of the company's stock worth $2,463,000 after purchasing an additional 504 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Casey's General Stores in the 1st quarter worth $201,000. M&T Bank Corp increased its holdings in shares of Casey's General Stores by 39.6% in the 1st quarter. M&T Bank Corp now owns 2,515 shares of the company's stock worth $1,092,000 after purchasing an additional 713 shares in the last quarter. Finally, Ground Swell Capital LLC bought a new stake in shares of Casey's General Stores in the 1st quarter worth $338,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insiders Place Their Bets

In other news, insider Thomas P. Brennan, Jr. sold 6,600 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $506.03, for a total value of $3,339,798.00. Following the transaction, the insider directly owned 2,100 shares in the company, valued at $1,062,663. The trade was a 75.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chad Michael Frazell sold 4,808 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $503.97, for a total value of $2,423,087.76. Following the completion of the transaction, the insider owned 11,480 shares in the company, valued at $5,785,575.60. The trade was a 29.52% 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 valued at $22,136,614. Insiders own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CASY. Stephens reissued an "overweight" rating and issued a $490.00 target price on shares of Casey's General Stores in a report on Tuesday, June 10th. 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 target price 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. Royal Bank Of Canada lifted their target price on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Finally, KeyCorp lifted their target price 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. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $467.33.

Casey's General Stores Stock Performance

Shares of CASY opened at $496.61 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48. Casey's General Stores, Inc. has a one year low of $350.52 and a one year high of $531.24. The firm has a market capitalization of $18.46 billion, a P/E ratio of 33.92 and a beta of 0.69. The business has a fifty day moving average of $514.89 and a 200 day moving average of $464.15.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued 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 return on equity of 16.28% and a net margin of 3.43%.The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the previous year, the company posted $2.34 earnings per share. Casey's General Stores's revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were given a $0.57 dividend. 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. This represents a $2.28 annualized dividend and a dividend yield of 0.5%. Casey's General Stores's dividend payout ratio (DPR) is presently 15.57%.

Casey's General Stores 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.

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