Hsbc Holdings PLC Invests $48.67 Million in Casey’s General Stores, Inc. $CASY

Hsbc Holdings PLC acquired a new position in Casey’s General Stores, Inc. (NASDAQ:CASY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 61,287 shares of the company’s stock, valued at approximately $48,669,000.

Other institutional investors have also added to or reduced their stakes in the company. Kathmere Capital Management LLC boosted its position in Casey’s General Stores by 3.5% during the first quarter. Kathmere Capital Management LLC now owns 387 shares of the company’s stock worth $282,000 after purchasing an additional 13 shares during the period. Pinnacle Bancorp Inc. increased its stake in shares of Casey’s General Stores by 4.8% in the first quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company’s stock worth $221,000 after purchasing an additional 14 shares in the last quarter. Lincoln Capital LLC raised its position in shares of Casey’s General Stores by 4.0% in the second quarter. Lincoln Capital LLC now owns 366 shares of the company’s stock valued at $291,000 after purchasing an additional 14 shares during the period. Menard Financial Group LLC raised its position in shares of Casey’s General Stores by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 1,267 shares of the company’s stock valued at $700,000 after purchasing an additional 15 shares during the period. Finally, Cibc World Market Inc. lifted its stake in shares of Casey’s General Stores by 0.3% during the 4th quarter. Cibc World Market Inc. now owns 5,136 shares of the company’s stock valued at $2,839,000 after buying an additional 16 shares in the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Chad Michael Frazell sold 3,013 shares of Casey’s General Stores stock in a transaction on Tuesday, June 30th. The stock was 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 of the company’s stock, valued at approximately $7,735,514.27. This trade represents a 23.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Allison M. Wing sold 530 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $837.58, for a total value of $443,917.40. Following the transaction, the director owned 3,042 shares of the company’s stock, valued at approximately $2,547,918.36. The trade was a 14.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,243 shares of company stock valued at $24,421,877 in the last ninety days. 0.67% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on CASY. JPMorgan Chase & Co. raised their price objective on shares of Casey’s General Stores from $719.00 to $975.00 and gave the stock a “neutral” rating in a report on Friday, June 12th. BMO Capital Markets upgraded Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 target price on the stock in a research report on Monday, June 29th. UBS Group raised their price target on Casey’s General Stores from $805.00 to $945.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Zacks Research cut Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Finally, Stephens set a $975.00 price objective on Casey’s General Stores and gave the company an “overweight” rating in a research note on Friday, June 12th. Fourteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $944.20.

Casey’s General Stores Price Performance

Shares of NASDAQ:CASY opened at $807.12 on Thursday. The company has a 50 day moving average of $835.23 and a 200 day moving average of $780.78. 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 stock has a market cap of $29.87 billion, a P/E ratio of 42.13, a P/E/G ratio of 2.82 and a beta of 0.61. Casey’s General Stores, Inc. has a 12 month low of $490.00 and a 12 month high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last posted its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the prior 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, sell-side analysts forecast that Casey’s General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey’s General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.57. The ex-dividend date was Friday, July 31st. Casey’s General Stores’s dividend payout ratio (DPR) is 13.57%.

Casey’s General Stores Company 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.