Casey’s General Stores, Inc. (NASDAQ:CASY) Increases Dividend to $0.65 Per Share

Casey’s General Stores, Inc. (NASDAQ:CASY) announced a quarterly dividend on Tuesday, June 9th. Investors of record on Saturday, August 1st will be given a dividend of 0.65 per share on Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, July 31st. This is a 14.0% increase from Casey’s General Stores’s previous quarterly dividend of $0.57.

Casey’s General Stores has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 24 years. Casey’s General Stores has a payout ratio of 12.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Casey’s General Stores to earn $20.37 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 11.2%.

Casey’s General Stores Price Performance

NASDAQ:CASY opened at $761.18 on Wednesday. Casey’s General Stores has a one year low of $481.30 and a one year high of $901.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.64 and a current ratio of 1.04. The stock has a market cap of $28.13 billion, a PE ratio of 43.70, a P/E/G ratio of 2.09 and a beta of 0.61. The stock has a 50 day moving average price of $790.09 and a 200 day moving average price of $679.24.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating the consensus estimate of $3.31 by $1.06. Casey’s General Stores had a return on equity of 17.56% and a net margin of 3.83%.The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the firm earned $2.63 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts expect that Casey’s General Stores will post 18.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on CASY shares. JPMorgan Chase & Co. started coverage on Casey’s General Stores in a report on Thursday, March 26th. They issued a “neutral” rating and a $719.00 price target for the company. Jefferies Financial Group raised their target price on Casey’s General Stores from $700.00 to $780.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Casey’s General Stores in a research note on Friday, March 27th. Evercore reissued an “outperform” rating and set a $915.00 target price on shares of Casey’s General Stores in a research note on Monday, May 18th. Finally, KeyCorp raised their target price on Casey’s General Stores from $830.00 to $860.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and a consensus price target of $768.73.

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.