The Manufacturers Life Insurance Company Invests $14.66 Million in Casey’s General Stores, Inc. $CASY

The Manufacturers Life Insurance Company purchased a new stake in Casey’s General Stores, Inc. (NASDAQ:CASY) in the second quarter, Holdings Channel reports. The firm purchased 18,449 shares of the company’s stock, valued at approximately $14,663,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fiduciary Financial Advisors purchased a new stake in Casey’s General Stores in the 2nd quarter valued at $26,000. Bell Investment Advisors Inc purchased a new position in shares of Casey’s General Stores during the 2nd quarter worth $33,000. Whipplewood Advisors LLC purchased a new position in shares of Casey’s General Stores during the 1st quarter worth $33,000. RMG Wealth Management LLC raised its holdings in shares of Casey’s General Stores by 250.0% during the 1st quarter. RMG Wealth Management LLC now owns 56 shares of the company’s stock worth $41,000 after acquiring an additional 40 shares during the period. Finally, Johnson Financial Group Inc. acquired a new position in shares of Casey’s General Stores during the 2nd quarter valued at about $55,000. Institutional investors and hedge funds own 85.63% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Darren M. Rebelez sold 19,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the transaction, the chief executive officer directly owned 89,174 shares in the company, valued at approximately $71,469,394.04. This represents a 17.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the transaction, the chief financial officer directly owned 29,677 shares of the company’s stock, valued at $24,874,074.32. The trade was a 16.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 30,243 shares of company stock worth $24,421,877. Insiders own 0.67% of the company’s stock.

Casey’s General Stores Stock Performance

NASDAQ CASY opened at $755.47 on Friday. The stock has a market cap of $27.96 billion, a PE ratio of 39.43, a P/E/G ratio of 2.61 and a beta of 0.61. 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, Inc. has a twelve month low of $490.00 and a twelve month high of $927.85. The stock has a fifty day simple moving average of $831.92 and a 200-day simple moving average of $781.32.

Casey’s General Stores (NASDAQ:CASY) last issued its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) 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 period in the previous year, the firm earned $2.63 EPS. Casey’s General Stores’s revenue was up 14.5% on a year-over-year basis. Equities analysts anticipate that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current year.

Casey’s General Stores Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on CASY shares. Northcoast Research upgraded shares of Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 price objective for the company in a research report on Monday, July 13th. KeyCorp boosted their target price on shares of Casey’s General Stores from $950.00 to $970.00 and gave the company an “overweight” rating in a report on Thursday, June 11th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $913.00 target price on shares of Casey’s General Stores in a report on Wednesday, July 29th. Wells Fargo & Company increased their price target on shares of Casey’s General Stores from $910.00 to $960.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Finally, Capital One Financial started coverage on shares of Casey’s General Stores in a report on Monday, June 22nd. They set an “equal weight” rating and a $896.00 price target for the company. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $942.87.

Casey’s General Stores 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.