Cornerstone Advisors LLC Acquires New Shares in Casey’s General Stores, Inc. $CASY

Cornerstone Advisors LLC acquired a new stake in Casey’s General Stores, Inc. (NASDAQ:CASY) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,824 shares of the company’s stock, valued at approximately $5,978,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Casey’s General Stores during the 2nd quarter worth approximately $2,759,895,000. Bank of America Corp DE acquired a new position in Casey’s General Stores in the 2nd quarter valued at approximately $281,872,000. Bank of New York Mellon Corp acquired a new position in Casey’s General Stores in the 2nd quarter valued at approximately $281,011,000. Jupiter Topco LLC bought a new position in shares of Casey’s General Stores during the second quarter valued at $246,982,000. Finally, Corient Private Wealth LP bought a new position in shares of Casey’s General Stores during the second quarter valued at $164,376,000. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CASY shares. Stephens set a $750.00 price target on shares of Casey’s General Stores in a report on Thursday, September 10th. Royal Bank Of Canada raised shares of Casey’s General Stores from a “sector perform” rating to an “outperform” rating and reduced their price objective for the stock from $910.00 to $825.00 in a research note on Thursday, October 15th. Raymond James Financial upgraded Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $750.00 price objective for the company in a report on Thursday, September 10th. UBS Group cut their target price on Casey’s General Stores from $925.00 to $720.00 and set a “neutral” rating on the stock in a report on Thursday, September 10th. Finally, KeyCorp reduced their price target on Casey’s General Stores from $970.00 to $780.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Casey’s General Stores presently has an average rating of “Moderate Buy” and a consensus price target of $835.38.

Casey’s General Stores Stock Performance

NASDAQ:CASY opened at $712.08 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.61 and a current ratio of 1.02. Casey’s General Stores, Inc. has a fifty-two week low of $529.84 and a fifty-two week high of $927.85. The company has a 50 day simple moving average of $653.39 and a two-hundred day simple moving average of $743.08. The company has a market capitalization of $26.32 billion, a PE ratio of 34.30, a P/E/G ratio of 2.29 and a beta of 0.59.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $7.37 EPS for the quarter, beating analysts’ consensus estimates of $6.78 by $0.59. Casey’s General Stores had a net margin of 4.14% and a return on equity of 19.68%. The company had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the prior year, the firm posted $5.77 EPS. The company’s quarterly revenue was up 24.3% on a year-over-year basis. Research analysts anticipate that Casey’s General Stores, Inc. will post 21.61 earnings per share for the current year.

Casey’s General Stores Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 13th. Shareholders of record on Sunday, November 1st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, October 30th. Casey’s General Stores’s dividend payout ratio (DPR) is 12.52%.

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.