Casey’s General Stores (NASDAQ:CASY) Reaches New 52-Week High – Here’s What Happened

Casey’s General Stores, Inc. (NASDAQ:CASY)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $572.45 and last traded at $571.64, with a volume of 114417 shares. The stock had previously closed at $565.43.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. 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. Jefferies Financial Group upped their price objective on Casey’s General Stores from $575.00 to $600.00 and gave the stock a “buy” rating in a research note on Tuesday, September 9th. Evercore ISI raised their target price on shares of Casey’s General Stores from $580.00 to $585.00 and gave the company an “outperform” rating in a research note on Tuesday, October 21st. Wells Fargo & Company initiated coverage on shares of Casey’s General Stores in a research report on Wednesday, October 15th. They set an “overweight” rating and a $610.00 price target on the stock. Finally, Zacks Research downgraded shares of Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 21st. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $564.00.

Casey’s General Stores Stock Performance

The company has a quick ratio of 0.61, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. The company has a market cap of $21.27 billion, a P/E ratio of 36.70 and a beta of 0.66. The business has a fifty day moving average of $546.05 and a 200 day moving average of $515.46.

Casey’s General Stores (NASDAQ:CASY) last issued its quarterly earnings data on Monday, September 8th. The company reported $5.77 earnings per share for the quarter, beating analysts’ consensus estimates of $5.02 by $0.75. Casey’s General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same quarter in the prior year, the firm earned $4.83 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities analysts predict that Casey’s General Stores, Inc. will post 13.94 EPS for the current year.

Casey’s General Stores Announces Dividend

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

Insiders Place Their Bets

In related news, insider Chad Michael Frazell sold 3,487 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the transaction, the insider owned 7,993 shares in the company, valued at $4,439,312.20. This trade represents a 30.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Casey’s General Stores

A number of institutional investors and hedge funds have recently modified their holdings of the business. Foster Dykema Cabot & Partners LLC bought a new position in Casey’s General Stores during the third quarter worth $25,000. Westside Investment Management Inc. boosted its stake in shares of Casey’s General Stores by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 46 shares of the company’s stock valued at $26,000 after purchasing an additional 23 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Casey’s General Stores during the third quarter worth $33,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Casey’s General Stores in the third quarter worth $35,000. Finally, Nvwm LLC acquired a new position in shares of Casey’s General Stores in the 2nd quarter valued at approximately $32,000. 85.63% of the stock is owned by institutional investors and hedge funds.

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.