Cibc World Market Inc. Purchases New Position in Casey’s General Stores, Inc. $CASY

Cibc World Market Inc. acquired a new position in Casey’s General Stores, Inc. (NASDAQ:CASY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,772 shares of the company’s stock, valued at approximately $6,177,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Casey’s General Stores in the second quarter valued at approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Casey’s General Stores by 179,938.2% during 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 purchasing an additional 2,657,687 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Casey’s General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock valued at $590,671,000 after purchasing an additional 310,470 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Casey’s General Stores by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock valued at $420,416,000 after purchasing an additional 52,250 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Casey’s General Stores by 12.6% in the fourth quarter. Invesco Ltd. now owns 572,152 shares of the company’s stock worth $316,234,000 after purchasing an additional 64,154 shares in the last quarter. Institutional investors own 85.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wolfe Research reissued an “outperform” rating and set a $1,069.00 target price on shares of Casey’s General Stores in a research report on Thursday, June 11th. Capital One Financial started coverage on Casey’s General Stores in a research report on Monday, June 22nd. They issued an “equal weight” rating and a $896.00 price target for the company. Wells Fargo & Company upped their price target on 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. Wall Street Zen raised Casey’s General Stores from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, KeyCorp raised their price objective on Casey’s General Stores from $950.00 to $970.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Casey’s General Stores has an average rating of “Moderate Buy” and an average price target of $944.20.

Casey’s General Stores Price Performance

NASDAQ CASY opened at $824.92 on Wednesday. Casey’s General Stores, Inc. has a 1 year low of $490.00 and a 1 year high of $927.85. The company has a fifty day simple moving average of $836.11 and a 200 day simple moving average of $779.69. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a market cap of $30.53 billion, a P/E ratio of 43.05, a P/E/G ratio of 2.92 and a beta of 0.61.

Casey’s General Stores (NASDAQ:CASY) last announced its 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. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.63 EPS. On average, sell-side analysts predict that Casey’s General Stores, Inc. will post 21.11 EPS for the current year.

Casey’s General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were paid a $0.65 dividend. The ex-dividend date was Friday, July 31st. 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 dividend yield of 0.3%. Casey’s General Stores’s dividend payout ratio is presently 13.57%.

Insiders Place Their Bets

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer owned 29,677 shares of the company’s stock, valued at approximately $24,874,074.32. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the sale, the insider owned 9,823 shares of the company’s stock, valued at approximately $7,735,514.27. The trade was a 23.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,243 shares of company stock valued at $24,421,877 in the last ninety days. Company insiders own 0.67% of the company’s stock.

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.