Casey’s General Stores (NASDAQ:CASY) Reaches New 12-Month High – Here’s Why

Casey’s General Stores, Inc. (NASDAQ:CASY) shares hit a new 52-week high during trading on Monday . The stock traded as high as $512.88 and last traded at $505.00, with a volume of 457861 shares trading hands. The stock had previously closed at $506.99.

Analysts Set New Price Targets

Several research firms have weighed in on CASY. The Goldman Sachs Group upped their target price on Casey’s General Stores from $385.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 11th. Stephens restated an “overweight” rating and set a $490.00 price objective on shares of Casey’s General Stores in a research report on Tuesday, June 10th. KeyCorp raised their price objective on Casey’s General Stores from $500.00 to $550.00 and gave the company an “overweight” rating in a research note on Wednesday, June 11th. Wall Street Zen raised Casey’s General Stores from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Royal Bank Of Canada set a $438.00 price target on shares of Casey’s General Stores and gave the company a “sector perform” rating in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $453.00.

Casey’s General Stores Trading Up 0.2%

The business’s fifty day moving average is $456.82 and its 200-day moving average is $427.59. The firm has a market cap of $18.84 billion, a P/E ratio of 34.67, a price-to-earnings-growth ratio of 2.53 and a beta of 0.65. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.69. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Casey’s General Stores had a net margin of 3.43% and a return on equity of 16.28%. The company’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.34 EPS. Analysts predict that Casey’s General Stores, Inc. will post 13.94 EPS for the current year.

Casey’s General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 0.45%. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 1st. Casey’s General Stores’s dividend payout ratio is presently 13.66%.

Insider Buying and Selling

In other Casey’s General Stores news, insider Katrina S. Lindsey sold 250 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $437.01, for a total transaction of $109,252.50. Following the completion of the sale, the insider now owns 2,443 shares of the company’s stock, valued at approximately $1,067,615.43. This represents a 9.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Allison M. Wing sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $502.16, for a total transaction of $502,160.00. Following the completion of the transaction, the director now owns 3,058 shares in the company, valued at $1,535,605.28. This trade represents a 24.64% decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Casey’s General Stores

Several hedge funds and other institutional investors have recently bought and sold shares of CASY. Flagship Harbor Advisors LLC boosted its holdings in shares of Casey’s General Stores by 4.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company’s stock worth $256,000 after buying an additional 23 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in shares of Casey’s General Stores by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,468 shares of the company’s stock valued at $628,000 after acquiring an additional 25 shares during the period. Burns J W & Co. Inc. NY boosted its stake in Casey’s General Stores by 2.1% during the first quarter. Burns J W & Co. Inc. NY now owns 1,204 shares of the company’s stock worth $522,000 after acquiring an additional 25 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Casey’s General Stores by 1.4% in the first quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company’s stock worth $812,000 after purchasing an additional 26 shares during the period. Finally, Iron Horse Wealth Management LLC grew its holdings in Casey’s General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company’s stock worth $40,000 after purchasing an additional 26 shares during the period. Institutional investors and hedge funds own 85.63% of the company’s stock.

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.