Select Equity Group L.P. Has $42.99 Million Holdings in Casey's General Stores, Inc. $CASY

Key Points

• Select Equity Group L.P. increased its stake in Casey's General Stores by 228.6%, acquiring an additional 68,912 shares, bringing its total ownership to approximately 99,056 shares worth $42.99 million.
• This increase in stakes comes as Casey's General Stores sees significant investment from various institutional investors, with 85.63% of its stock now held by them.
• Multiple Wall Street analysts have raised their price targets for Casey's General Stores, indicating a consensus of "Moderate Buy" with an average target price of $467.33.

Select Equity Group L.P. grew its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 228.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,056 shares of the company's stock after buying an additional 68,912 shares during the quarter. Select Equity Group L.P. owned 0.27% of Casey's General Stores worth $42,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Captrust Financial Advisors raised its stake in shares of Casey's General Stores by 12.5% in the fourth quarter. Captrust Financial Advisors now owns 4,042 shares of the company's stock valued at $1,602,000 after acquiring an additional 448 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Casey's General Stores by 2.1% in the fourth quarter. Cetera Investment Advisers now owns 17,604 shares of the company's stock valued at $6,975,000 after acquiring an additional 355 shares in the last quarter. Fiduciary Trust Co acquired a new stake in shares of Casey's General Stores in the fourth quarter valued at $210,000. Ethic Inc. raised its stake in shares of Casey's General Stores by 28.2% in the fourth quarter. Ethic Inc. now owns 2,175 shares of the company's stock valued at $862,000 after acquiring an additional 479 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in shares of Casey's General Stores by 6.6% in the fourth quarter. Focus Partners Wealth now owns 18,951 shares of the company's stock valued at $7,509,000 after acquiring an additional 1,167 shares in the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Katrina S. Lindsey sold 2,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $506.07, for a total transaction of $1,012,140.00. Following the completion of the sale, the insider directly owned 4,636 shares of the company's stock, valued at approximately $2,346,140.52. This represents a 30.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the completion of the transaction, the chief executive officer directly owned 89,840 shares of the company's stock, valued at approximately $45,623,447.20. The trade was a 18.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,646 shares of company stock worth $21,634,454 in the last quarter. Insiders own 0.54% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Jefferies Financial Group increased their price objective on Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research note on Tuesday. KeyCorp boosted their target price on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Evercore ISI boosted 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. Wells Fargo & Company boosted their price target on shares of Casey's General Stores from $540.00 to $580.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Eight research 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. Based on data from MarketBeat.com, Casey's General Stores currently has an average rating of "Moderate Buy" and a consensus price target of $505.25.

Casey's General Stores Trading Down 0.1%

Shares of NASDAQ:CASY traded down $0.38 during midday trading on Friday, reaching $553.61. The company's stock had a trading volume of 129,160 shares, compared to its average volume of 355,185. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 35.50 and a beta of 0.66. The company has a quick ratio of 0.48, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. Casey's General Stores, Inc. has a 1 year low of $362.42 and a 1 year high of $558.66. The business has a 50 day moving average price of $515.51 and a 200 day moving average price of $471.14.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its earnings results 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 firm had revenue of $4.57 billion during 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%. Casey's General Stores's 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 earnings per share. Research analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, October 31st. Casey's General Stores's dividend payout ratio is 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.