Casey’s General Stores, Inc. $CASY Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in Casey’s General Stores, Inc. (NASDAQ:CASY) by 6.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,188 shares of the company’s stock after selling 1,357 shares during the period. The Manufacturers Life Insurance Company’s holdings in Casey’s General Stores were worth $13,966,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Weiss Asset Management LP acquired a new stake in shares of Casey’s General Stores during the 1st quarter worth about $346,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Casey’s General Stores in the first quarter valued at approximately $1,628,000. Van Diest Capital LLC raised its position in shares of Casey’s General Stores by 25.0% in the first quarter. Van Diest Capital LLC now owns 686 shares of the company’s stock valued at $500,000 after buying an additional 137 shares during the last quarter. Lombard Odier Asset Management USA Corp lifted its stake in shares of Casey’s General Stores by 156.2% during the first quarter. Lombard Odier Asset Management USA Corp now owns 3,438 shares of the company’s stock valued at $2,502,000 after buying an additional 2,096 shares during the period. Finally, Waverly Advisors LLC lifted its stake in shares of Casey’s General Stores by 22.8% during the first quarter. Waverly Advisors LLC now owns 2,169 shares of the company’s stock valued at $1,579,000 after buying an additional 402 shares during the period. 85.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CASY. Weiss Ratings downgraded Casey’s General Stores from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, July 21st. William Blair began coverage on Casey’s General Stores in a report on Wednesday, May 20th. They set an “outperform” rating on the stock. Wells Fargo & Company lifted their price objective on Casey’s General Stores from $910.00 to $960.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. Morgan Stanley upgraded Casey’s General Stores to a “buy” rating in a research note on Wednesday, June 10th. Finally, The Goldman Sachs Group increased their target price on Casey’s General Stores from $695.00 to $795.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $944.20.

Casey’s General Stores Stock Performance

NASDAQ:CASY opened at $871.00 on Monday. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. The company has a market cap of $32.24 billion, a P/E ratio of 45.46, a P/E/G ratio of 2.61 and a beta of 0.61. Casey’s General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The firm’s 50 day moving average is $823.78 and its two-hundred day moving average is $753.42.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the business earned $2.63 EPS. Casey’s General Stores’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts expect that Casey’s General Stores, Inc. will post 21.14 EPS for the current year.

Casey’s General Stores Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be given a $0.65 dividend. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. Casey’s General Stores’s dividend payout ratio is 13.57%.

Insider Transactions at Casey’s General Stores

In related news, CEO Darren M. Rebelez sold 19,000 shares of Casey’s General Stores stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the transaction, the chief executive officer owned 89,174 shares in the company, valued at approximately $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Katrina S. Lindsey sold 2,000 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $800.00, for a total value of $1,600,000.00. Following the sale, the insider directly owned 6,668 shares of the company’s stock, valued at approximately $5,334,400. This trade represents a 23.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 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.

About Casey’s General Stores

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.