Casey's General Stores, Inc. (NASDAQ:CASY) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. has reduced its stake in Casey's General Stores by 3.2%, selling 2,700 shares and now owning 81,600 shares valued at approximately $35.4 million.
• Insider Chad Michael Frazell sold 4,808 shares for over $2.4 million, bringing their ownership down by 29.52%.
• Casey's General Stores recently increased its quarterly dividend from $0.50 to $0.57 per share, indicating a strong financial position and a commitment to returning value to shareholders.

Primecap Management Co. CA lessened its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,600 shares of the company's stock after selling 2,700 shares during the quarter. Primecap Management Co. CA owned about 0.22% of Casey's General Stores worth $35,418,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC raised its position in Casey's General Stores by 4.1% in the 1st quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company's stock valued at $256,000 after purchasing an additional 23 shares in the last quarter. Burns J W & Co. Inc. NY grew its holdings in Casey's General Stores by 2.1% during the 1st quarter. Burns J W & Co. Inc. NY now owns 1,204 shares of the company's stock worth $522,000 after acquiring an additional 25 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Casey's General Stores by 1.4% in the 1st quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company's stock valued at $812,000 after purchasing an additional 26 shares in the last quarter. Iron Horse Wealth Management LLC increased its holdings 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 last quarter. Finally, Menard Financial Group LLC raised its stake in Casey's General Stores by 2.1% in the first quarter. Menard Financial Group LLC now owns 1,290 shares of the company's stock valued at $603,000 after buying an additional 27 shares in the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Performance

NASDAQ:CASY traded up $0.69 during trading hours on Friday, reaching $518.97. 209,420 shares of the company's stock were exchanged, compared to its average volume of 261,318. 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 quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $19.30 billion, a price-to-earnings ratio of 35.45 and a beta of 0.69. The company has a 50-day moving average of $506.09 and a 200 day moving average of $456.69.

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

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 1st. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. Casey's General Stores's dividend payout ratio is presently 15.57%.

Analyst Ratings Changes

Several research analysts have recently issued reports on CASY shares. Stephens reaffirmed an "overweight" rating and set a $490.00 price objective on shares of Casey's General Stores in a research report on Tuesday, June 10th. The Goldman Sachs Group boosted their target price on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Wells Fargo & Company boosted their price objective on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Royal Bank Of Canada increased their target price on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $467.33.

Insiders Place Their Bets

In other news, insider Chad Michael Frazell sold 4,808 shares of Casey's General Stores 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 sale, the insider owned 11,480 shares of the company's stock, valued at $5,785,575.60. The trade was a 29.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $506.07, for a total transaction of $1,012,140.00. Following the transaction, the insider directly owned 4,636 shares of the company's stock, valued at $2,346,140.52. This represents a 30.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,646 shares of company stock valued at $22,136,614. 0.54% of the stock is owned by company insiders.

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.