SevenBridge Financial Group LLC Takes Position in Casey's General Stores, Inc. $CASY

Key Points

• SevenBridge Financial Group opened a new position in Casey’s General Stores, buying 4,698 shares valued at about $3.68 million in the first quarter.
• Casey’s reported strong quarterly results, with EPS of $4.37 and revenue of $4.57 billion, both above expectations and up 14.5% year over year.
• The company raised its quarterly dividend to $0.65 per share from $0.57, while analysts remained mixed overall despite several bullish target increases and a consensus rating of Moderate Buy.

SevenBridge Financial Group LLC purchased a new position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,698 shares of the company's stock, valued at approximately $3,678,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position in Casey's General Stores by 179,938.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock worth $1,469,747,000 after purchasing an additional 2,657,687 shares during the period. Norges Bank purchased a new stake in shares of Casey's General Stores in the fourth quarter worth approximately $265,163,000. Franklin Resources Inc. lifted its stake in shares of Casey's General Stores by 40.9% during the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company's stock worth $590,671,000 after acquiring an additional 310,470 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Casey's General Stores by 175.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock worth $260,622,000 after acquiring an additional 300,249 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in Casey's General Stores by 115.9% during the 4th quarter. Corient Private Wealth LLC now owns 423,666 shares of the company's stock valued at $234,164,000 after acquiring an additional 227,403 shares during the period. 85.63% of the stock is currently owned by institutional investors.

Casey's General Stores News Roundup

Here are the key news stories impacting Casey's General Stores this week:

• Positive Sentiment: Director Mike Spanos purchased 256 shares of Casey’s General Stores at $778.81 per share, a disclosure that can signal insider confidence in the company’s outlook. Insider Buying: Casey's General Stores NASDAQ: CASY Director Purchases 256 Shares of Stock
• Positive Sentiment: BMO Capital Markets upgraded Casey’s General Stores to outperform and lifted its price target to $950, reinforcing the view that the stock still has upside from current levels. This Caseys Analyst Turns Bullish; Here Are Top 3 Upgrades For Monday
• Positive Sentiment: The company increased its quarterly dividend to $0.65 per share from $0.57, which may appeal to income-focused investors and suggests confidence in cash generation. Dividend Increases: From Over 10% Yields to Over 10% Dividend Growth
• Neutral Sentiment: Casey’s also got mentions in stock-picking and dividend-screening articles, which may add some attention but do not appear to be material catalysts on their own. Is Casey’s General Stores, Inc. (CASY) A Good Stock To Buy Now?
• Negative Sentiment: Some analysts remain cautious: Zacks Research downgraded the stock to hold, and RBC’s rating is only sector perform, which tempers the bullish case. Casey's General Stores stock and analyst coverage

Casey's General Stores Trading Up 0.2%

NASDAQ CASY opened at $780.24 on Tuesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The company has a market capitalization of $28.87 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 2.34 and a beta of 0.61. The company's 50-day simple moving average is $819.20 and its two-hundred day simple moving average is $706.89. Casey's General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company's revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.63 EPS. Equities analysts forecast that Casey's General Stores, Inc. will post 21.05 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Saturday, August 1st will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's dividend payout ratio is presently 13.57%.

Insider Buying and Selling at Casey's General Stores

In related news, Director Mike Spanos acquired 256 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were bought at an average price of $778.81 per share, with a total value of $199,375.36. Following the completion of the transaction, the director directly owned 4,758 shares in the company, valued at $3,705,577.98. This trade represents a 5.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. 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. Evercore restated an "outperform" rating and issued a $990.00 price target on shares of Casey's General Stores in a report on Friday, June 12th. Wells Fargo & Company raised their price target on shares of Casey's General Stores from $910.00 to $960.00 and gave the stock an "overweight" rating in a research note on Thursday, June 11th. Weiss Ratings reissued a "buy (b)" rating on shares of Casey's General Stores in a research report on Wednesday, June 24th. Finally, UBS Group upped their target price on shares of Casey's General Stores from $805.00 to $945.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $939.29.

About Casey's General Stores

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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