Dearborn Partners LLC Purchases New Shares in Casey’s General Stores, Inc. $CASY

Dearborn Partners LLC acquired a new position in Casey’s General Stores, Inc. (NASDAQ:CASY) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 77,759 shares of the company’s stock, valued at approximately $56,597,000. Casey’s General Stores accounts for about 3.0% of Dearborn Partners LLC’s portfolio, making the stock its 3rd largest holding. Dearborn Partners LLC owned about 0.21% of Casey’s General Stores at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Ames National Corp acquired a new stake in shares of Casey’s General Stores during the 2nd quarter valued at about $954,000. Cibc World Market Inc. purchased a new position in Casey’s General Stores during the second quarter worth approximately $6,177,000. OMERS ADMINISTRATION Corp purchased a new position in Casey’s General Stores during the second quarter worth approximately $2,049,000. Osmosis Investment Management UK Ltd acquired a new stake in Casey’s General Stores in the second quarter valued at approximately $556,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Casey’s General Stores in the second quarter valued at approximately $17,713,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey’s General Stores Stock Up 2.2%

Shares of NASDAQ:CASY opened at $854.21 on Tuesday. The company has a market capitalization of $31.61 billion, a price-to-earnings ratio of 44.58, a PEG ratio of 2.86 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. The business has a 50-day moving average price of $836.91 and a 200 day moving average price of $778.44. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59.

Casey’s General Stores (NASDAQ:CASY) last posted its earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $1.06. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. Casey’s General Stores’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.63 earnings per share. Sell-side analysts expect that Casey’s General Stores, Inc. will post 21.11 EPS for the current year.

Casey’s General Stores Increases Dividend

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

Analysts Set New Price Targets

A number of research firms recently issued reports on CASY. William Blair began coverage on shares of Casey’s General Stores in a research note on Wednesday, May 20th. They issued an “outperform” rating on the stock. UBS Group lifted their target price on shares of Casey’s General Stores from $805.00 to $945.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,000.00 price target on shares of Casey’s General Stores in a research report on Monday, June 15th. KeyCorp lifted their price objective on Casey’s General Stores from $950.00 to $970.00 and gave the stock an “overweight” rating in a report on Thursday, June 11th. Finally, Capital One Financial assumed coverage on Casey’s General Stores in a research report on Monday, June 22nd. They issued an “equal weight” rating and a $896.00 target price on the stock. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $944.20.

Insider Activity

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of Casey’s General Stores stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value of $4,777,512.00. Following the completion of the sale, the chief financial officer owned 29,677 shares in the company, valued at approximately $24,874,074.32. This trade represents 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 link. Also, Director Allison M. Wing sold 530 shares of the company’s stock in a transaction on 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 in the company, valued at $2,547,918.36. This trade represents a 14.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,243 shares of company stock worth $24,421,877 in the last three months. 0.67% of the stock is currently owned by corporate insiders.

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.