Sei Investments Co. Trims Position in Casey's General Stores, Inc. $CASY

Key Points

• Sei Investments reduced its Casey’s General Stores position by 20.8% in the first quarter, selling 9,735 shares and retaining 37,149 shares worth approximately $27.0 million.
• Casey’s reported quarterly EPS of $4.37, exceeding estimates by $1.06, while revenue rose 14.5% year over year to $4.57 billion. The company also increased its quarterly dividend to $0.65 per share.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $940. However, insiders sold more than $24.4 million of stock over the past three months, including 19,000 shares sold by CEO Darren Rebelez.

Sei Investments Co. decreased its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 20.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,149 shares of the company's stock after selling 9,735 shares during the quarter. Sei Investments Co. owned approximately 0.10% of Casey's General Stores worth $27,041,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Whipplewood Advisors LLC purchased a new position in Casey's General Stores during the first quarter worth about $33,000. ORG Partners LLC grew its stake in shares of Casey's General Stores by 47.6% in the 4th quarter. ORG Partners LLC now owns 62 shares of the company's stock valued at $34,000 after buying an additional 20 shares during the period. Larson Financial Group LLC increased its holdings in shares of Casey's General Stores by 252.4% during the 4th quarter. Larson Financial Group LLC now owns 74 shares of the company's stock worth $41,000 after buying an additional 53 shares during the last quarter. Elyxium Wealth LLC acquired a new stake in shares of Casey's General Stores during the 4th quarter worth approximately $43,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Casey's General Stores during the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Down 1.0%

NASDAQ:CASY opened at $853.38 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. The stock's fifty day moving average is $821.62 and its two-hundred day moving average is $745.63. Casey's General Stores, Inc. has a 52 week low of $490.00 and a 52 week high of $927.85. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of 44.54, a price-to-earnings-growth ratio of 2.58 and a beta of 0.62.

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

Casey's General Stores Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be given a $0.65 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 annualized dividend and a yield of 0.3%. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's dividend payout ratio is presently 11.90%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Casey's General Stores from $719.00 to $975.00 and gave the company a "neutral" rating in a report on Friday, June 12th. Stephens set a $975.00 target price on Casey's General Stores and gave the stock an "overweight" rating in a research note on Friday, June 12th. Capital One Financial assumed coverage on Casey's General Stores in a research report on Monday, June 22nd. They issued an "equal weight" rating and a $896.00 target price on the stock. Evercore reaffirmed an "outperform" rating and issued a $990.00 price target on shares of Casey's General Stores in a research note on Friday, June 12th. Finally, KeyCorp upped their price target on Casey's General Stores from $950.00 to $970.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus price target of $940.00.

Insider Activity at Casey's General Stores

In other news, Director Allison M. Wing sold 530 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the sale, the director owned 3,042 shares of the company's stock, valued at approximately $2,547,918.36. This represents a 14.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Darren M. Rebelez sold 19,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the completion of the transaction, the chief executive officer directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 30,243 shares of company stock valued at $24,421,877. 0.67% of the stock is owned by company insiders.

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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