Wedge Capital Management L L P NC Sells 20,240 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Wedge Capital Management L L P NC reduced its stake in Casey's General Stores by 19.8%, holding 82,046 shares after selling 20,240 shares during the second quarter.
• Casey's General Stores reported an earnings per share (EPS) of $5.77 for the recent quarter, exceeding analysts' expectations of $5.02, with revenues up 11.5% year-over-year.
• The company announced a quarterly dividend of $0.57 per share, to be paid on November 14th, with an annualized yield of 0.4%.

Wedge Capital Management L L P NC trimmed its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 19.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 82,046 shares of the company's stock after selling 20,240 shares during the period. Wedge Capital Management L L P NC owned about 0.22% of Casey's General Stores worth $41,866,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc bought a new position in shares of Casey's General Stores in the 1st quarter worth $25,000. Global Financial Private Client LLC raised its stake in shares of Casey's General Stores by 325.0% in the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Casey's General Stores in the 1st quarter valued at about $32,000. Iron Horse Wealth Management LLC raised its stake in shares of Casey's General Stores by 40.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock valued at $40,000 after purchasing an additional 26 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Casey's General Stores by 242.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 96 shares of the company's stock valued at $49,000 after acquiring an additional 68 shares during the last quarter. 85.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CASY has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their target price on Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Stephens restated an "overweight" rating and set a $530.00 price objective on shares of Casey's General Stores in a report on Tuesday, September 9th. BMO Capital Markets boosted their price objective on Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a report on Wednesday, September 10th. Royal Bank Of Canada boosted their price target 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. Finally, Jefferies Financial Group boosted their price target on Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $529.10.

Casey's General Stores Price Performance

CASY traded up $4.40 during trading on Tuesday, hitting $551.85. 148,046 shares of the stock traded hands, compared to its average volume of 359,288. Casey's General Stores, Inc. has a twelve month low of $363.00 and a twelve month high of $571.57. The company has a market cap of $20.52 billion, a price-to-earnings ratio of 35.42 and a beta of 0.66. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.03 and a quick ratio of 0.61. The business has a 50 day moving average price of $519.96 and a 200 day moving average price of $479.03.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.02 by $0.75. The company 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%. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.83 earnings per share. Equities 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Saturday, November 1st will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. Casey's General Stores's dividend payout ratio is 14.63%.

Insiders Place Their Bets

In other news, Director Mike Spanos purchased 200 shares of the business's stock in a transaction on Monday, June 30th. The shares were acquired at an average price of $503.18 per share, with a total value of $100,636.00. Following the completion of the transaction, the director owned 3,560 shares of the company's stock, valued at $1,791,320.80. The trade was a 5.95% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 760 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total transaction of $385,745.60. Following the sale, the chief financial officer directly owned 25,994 shares in the company, valued at $13,193,514.64. This trade represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company's stock.

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.