Principal Financial Group Inc. Grows Position in Casey's General Stores, Inc. $CASY

Key Points

• Principal Financial Group increased its stake in Casey's General Stores by 2.1% in the first quarter, holding 252,374 shares worth about $183.7 million at quarter-end. Institutional ownership remains very high at 85.63%.
• Several analysts remain bullish on Casey's, with recent target prices ranging from $896 to $1,069. The stock currently has a Moderate Buy consensus rating and an average price target of $940.
• Casey's reported strong quarterly results, posting $4.37 EPS versus the $3.31 estimate and revenue of $4.57 billion, while also raising its quarterly dividend to $0.65 per share. However, company insiders recently sold shares, including CEO Darren Rebelez and CFO Stephen Bramlage Jr.

Principal Financial Group Inc. raised its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 252,374 shares of the company's stock after acquiring an additional 5,294 shares during the quarter. Principal Financial Group Inc. owned approximately 0.68% of Casey's General Stores worth $183,693,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. True Wealth Design LLC boosted its stake in Casey's General Stores by 350.0% in the 4th quarter. True Wealth Design LLC now owns 54 shares of the company's stock worth $30,000 after purchasing an additional 42 shares in the last quarter. Central Pacific Bank Trust Division increased its holdings in shares of Casey's General Stores by 52.8% in the fourth quarter. Central Pacific Bank Trust Division now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. Whipplewood Advisors LLC acquired a new position in shares of Casey's General Stores in the first quarter valued at about $33,000. ORG Partners LLC raised its stake in shares of Casey's General Stores by 47.6% in the fourth quarter. ORG Partners LLC now owns 62 shares of the company's stock worth $34,000 after purchasing an additional 20 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC purchased a new position in shares of Casey's General Stores in the third quarter worth about $35,000. 85.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their target price on Casey's General Stores from $910.00 to $960.00 and gave the company an "overweight" rating in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $1,000.00 price target on shares of Casey's General Stores in a research report on Monday, June 15th. Wolfe Research restated an "outperform" rating and set a $1,069.00 price objective on shares of Casey's General Stores in a research note on Thursday, June 11th. Capital One Financial initiated coverage on shares of Casey's General Stores in a report on Monday, June 22nd. They issued an "equal weight" rating and a $896.00 price objective on the stock. Finally, Evercore reaffirmed an "outperform" rating and issued a $990.00 price objective on shares of Casey's General Stores in a report on Friday, June 12th. Fourteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $940.00.

Insider Buying and Selling

In other Casey's General Stores news, CEO Darren M. Rebelez sold 19,000 shares of Casey's General Stores stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the completion of the transaction, the chief executive officer owned 89,174 shares of the company's stock, valued at approximately $71,469,394.04. The trade was a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. This trade represents a 16.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,243 shares of company stock valued at $24,421,877 in the last ninety days. Company insiders own 0.54% of the company's stock.

Casey's General Stores Trading Down 1.4%

Casey's General Stores stock opened at $847.19 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. Casey's General Stores, Inc. has a 12 month low of $490.00 and a 12 month high of $927.85. The stock's 50 day simple moving average is $824.04 and its two-hundred day simple moving average is $727.24. The firm has a market cap of $31.35 billion, a PE ratio of 44.22, a P/E/G ratio of 2.58 and a beta of 0.62.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, beating the consensus estimate of $3.31 by $1.06. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the firm earned $2.63 EPS. The business's quarterly revenue was up 14.5% on a year-over-year basis. Analysts anticipate that Casey's General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be given a dividend of $0.65 per share. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, July 31st. Casey's General Stores's dividend payout ratio (DPR) is 11.90%.

Casey's General Stores Profile

Casey's General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company's stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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