Whittier Trust Co. Raises Stake in Casey's General Stores, Inc. $CASY

Key Points

• Whittier Trust Co. increased its Casey's General Stores stake by 10% in the first quarter, bringing its holdings to 32,745 shares valued at about $24.5 million.
• Casey's reported strong quarterly results, with EPS of $4.37 versus the $3.31 estimate and revenue of $4.57 billion, up 14.5% year over year.
• The company also raised its quarterly dividend to $0.65 per share from $0.57, while analysts remain broadly positive with a consensus rating of Moderate Buy and a target price of $939.29.

Whittier Trust Co. lifted its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 10.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,745 shares of the company's stock after purchasing an additional 2,974 shares during the period. Whittier Trust Co. owned about 0.09% of Casey's General Stores worth $24,486,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. boosted 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 valued at $1,469,747,000 after buying an additional 2,657,687 shares during the period. Franklin Resources Inc. increased its position in shares of Casey's General Stores by 40.9% during the fourth 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 period. Geode Capital Management LLC increased its position in shares of Casey's General Stores by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock worth $420,416,000 after acquiring an additional 52,250 shares during the period. Invesco Ltd. raised its stake in shares of Casey's General Stores by 12.6% during the fourth quarter. Invesco Ltd. now owns 572,152 shares of the company's stock valued at $316,234,000 after acquiring an additional 64,154 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Casey's General Stores during the fourth quarter valued at approximately $265,163,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Price Performance

Shares of NASDAQ CASY opened at $797.42 on Monday. Casey's General Stores, Inc. has a 12-month low of $490.00 and a 12-month high of $927.85. The stock's fifty day simple moving average is $820.92 and its two-hundred day simple moving average is $714.01. The stock has a market capitalization of $29.51 billion, a PE ratio of 41.62, a price-to-earnings-growth ratio of 2.40 and a beta of 0.62. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the company posted $2.63 EPS. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts expect that Casey's General Stores, Inc. will post 21.05 EPS for the current fiscal 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 issued a $0.65 dividend. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, July 31st. Casey's General Stores's dividend payout ratio is presently 11.90%.

Insider Buying and Selling at Casey's General Stores

In other news, Director Mike Spanos purchased 256 shares of the firm's stock in a transaction on Friday, June 26th. The stock was acquired at an average cost of $778.81 per share, with a total value of $199,375.36. Following the completion of the transaction, the director owned 4,758 shares in the company, valued at $3,705,577.98. This represents a 5.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Chad Michael Frazell sold 3,013 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the completion of the sale, the insider owned 9,823 shares in the company, valued at $7,735,514.27. This represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group increased their price objective on 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. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $1,000.00 target price on shares of Casey's General Stores in a research report on Monday, June 15th. William Blair started coverage on Casey's General Stores in a report on Wednesday, May 20th. They issued an "outperform" rating for the company. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Finally, Jefferies Financial Group raised their price target on Casey's General Stores from $700.00 to $780.00 and gave the company a "buy" rating in a research note on Tuesday, March 10th. Thirteen 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, Casey's General Stores currently has a consensus rating of "Moderate Buy" and a consensus price target of $939.29.

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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