Vanguard Group Inc. Has $1.64 Billion Holdings in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Vanguard Group Inc. owns 10.20% of Casey's General Stores with holdings worth approximately $1.64 billion, having reduced their stake by 0.4% in the most recent quarter.
• Other investors like GAMMA Investing LLC and PNC Financial Services Group significantly increased their positions, showing a trend in institutional investment in the company.
• Casey's General Stores recently reported strong earnings, with an EPS of $2.63 beating estimates, and announced an increase in its quarterly dividend from $0.50 to $0.57.

Vanguard Group Inc. decreased its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,785,747 shares of the company's stock after selling 13,357 shares during the period. Vanguard Group Inc. owned about 10.20% of Casey's General Stores worth $1,643,166,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CASY. GAMMA Investing LLC boosted its position in shares of Casey's General Stores by 54,448.8% during the first quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock valued at $236,054,000 after buying an additional 542,855 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Casey's General Stores by 51.5% during the first quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock worth $223,792,000 after acquiring an additional 175,372 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Casey's General Stores by 699.6% during the first quarter. PNC Financial Services Group Inc. now owns 126,845 shares of the company's stock worth $55,056,000 after acquiring an additional 110,982 shares during the period. Freestone Grove Partners LP bought a new stake in shares of Casey's General Stores in the fourth quarter valued at $24,985,000. Finally, Northern Trust Corp raised its stake in shares of Casey's General Stores by 21.5% in the fourth quarter. Northern Trust Corp now owns 332,504 shares of the company's stock valued at $131,748,000 after buying an additional 58,844 shares during the period. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insider Transactions at Casey's General Stores

In other news, insider Chad Michael Frazell sold 4,808 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the completion of the transaction, the insider directly owned 11,480 shares in the company, valued at approximately $5,785,575.60. This represents a 29.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas P. Brennan, Jr. sold 6,600 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $506.03, for a total value of $3,339,798.00. Following the completion of the transaction, the insider owned 2,100 shares of the company's stock, valued at $1,062,663. The trade was a 75.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,646 shares of company stock worth $22,136,614. Company insiders own 0.54% of the company's stock.

Casey's General Stores Price Performance

Casey's General Stores stock opened at $518.97 on Friday. Casey's General Stores, Inc. has a 52 week low of $350.52 and a 52 week high of $531.24. The business has a 50-day simple moving average of $506.09 and a 200 day simple moving average of $457.08. 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 stock has a market cap of $19.30 billion, a price-to-earnings ratio of 35.45 and a beta of 0.69.

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

Casey's General Stores Increases Dividend

The company also recently disclosed 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. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, August 1st. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio (DPR) is currently 15.57%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CASY shares. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Royal Bank Of Canada boosted their target price on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. Stephens reiterated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a research report on Tuesday, June 10th. BMO Capital Markets lifted their price target on Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research report on Wednesday, June 11th. Finally, KeyCorp lifted their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. 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 company's stock. According to data from MarketBeat.com, Casey's General Stores has an average rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Company Profile

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.

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