Primecap Management Co. CA Buys New Position in Casey’s General Stores, Inc. $CASY

Primecap Management Co. CA bought a new stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 33,415 shares of the company’s stock, valued at approximately $26,558,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kathmere Capital Management LLC boosted its holdings in shares of Casey’s General Stores by 3.5% in the first quarter. Kathmere Capital Management LLC now owns 387 shares of the company’s stock valued at $282,000 after acquiring an additional 13 shares in the last quarter. Pinnacle Bancorp Inc. raised its holdings in Casey’s General Stores by 4.8% during 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 holdings in Casey’s General Stores by 4.0% during the second quarter. Lincoln Capital LLC now owns 366 shares of the company’s stock worth $291,000 after purchasing an additional 14 shares in the last quarter. Menard Financial Group LLC lifted its position in 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 worth $700,000 after purchasing an additional 15 shares during the period. Finally, Cibc World Market Inc. lifted its position in Casey’s General Stores by 0.3% in the fourth quarter. Cibc World Market Inc. now owns 5,136 shares of the company’s stock worth $2,839,000 after purchasing an additional 16 shares during the period. 85.63% of the stock is currently owned by institutional investors.

Casey’s General Stores Trading Down 2.2%

NASDAQ:CASY opened at $807.12 on Thursday. The stock’s 50-day moving average is $835.23 and its two-hundred day moving average is $780.78. Casey’s General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The stock has a market cap of $29.87 billion, a PE ratio of 42.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, beating 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 firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business earned $2.63 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey’s General Stores Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Northcoast Research raised Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 price target for the company in a research note on Monday, July 13th. Evercore reissued an “outperform” rating and issued a $990.00 price objective on shares of Casey’s General Stores in a research note on Friday, June 12th. Weiss Ratings lowered Casey’s General Stores from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, July 21st. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $913.00 target price on shares of Casey’s General Stores in a research note on Wednesday, July 29th. Finally, UBS Group lifted their target price 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. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $944.20.

Insider Activity at Casey’s General Stores

In other news, insider Chad Michael Frazell sold 3,013 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the transaction, the insider owned 9,823 shares in the company, valued at approximately $7,735,514.27. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the firm’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 transaction, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. This trade represents a 23.07% 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 over the last quarter. 0.67% of the stock is currently owned by corporate insiders.

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.