The Manufacturers Life Insurance Company Cuts Stock Position in Casey’s General Stores, Inc. $CASY

The Manufacturers Life Insurance Company cut its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 6.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,188 shares of the company’s stock after selling 1,357 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Casey’s General Stores worth $13,966,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CASY. Northwestern Mutual Wealth Management Co. raised its position in Casey’s General Stores by 179,938.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock worth $1,469,747,000 after buying an additional 2,657,687 shares during the last quarter. Norges Bank acquired a new stake in Casey’s General Stores in the fourth quarter valued at about $265,163,000. Franklin Resources Inc. boosted its holdings in Casey’s General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock valued at $590,671,000 after purchasing an additional 310,470 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Casey’s General Stores by 175.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company’s stock valued at $260,622,000 after purchasing an additional 300,249 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in Casey’s General Stores by 115.9% during the 4th quarter. Corient Private Wealth LLC now owns 423,666 shares of the company’s stock worth $234,164,000 after purchasing an additional 227,403 shares during the period. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Katrina S. Lindsey sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the completion of the transaction, the insider directly owned 6,668 shares of the company’s stock, valued at $5,334,400. This trade represents a 23.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 stock was sold at an average price of $838.16, for a total value of $4,777,512.00. Following the transaction, the chief financial officer owned 29,677 shares of the company’s stock, valued at $24,874,074.32. This represents a 16.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 30,243 shares of company stock valued at $24,421,877. 0.67% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CASY shares. KeyCorp increased their target price on Casey’s General Stores from $950.00 to $970.00 and gave the stock an “overweight” rating in a research note on Thursday, June 11th. The Goldman Sachs Group lifted their price target on Casey’s General Stores from $695.00 to $795.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Zacks Research cut shares of Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Wolfe Research reissued an “outperform” rating and set a $1,069.00 price objective on shares of Casey’s General Stores in a report on Thursday, June 11th. Finally, UBS Group upped their target price on shares of Casey’s General Stores from $805.00 to $945.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $944.20.

Casey’s General Stores Stock Performance

Shares of CASY stock opened at $871.00 on Monday. 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 $32.24 billion, a P/E ratio of 45.46, a P/E/G ratio of 2.61 and a beta of 0.61. The business has a fifty day simple moving average of $823.78 and a 200-day simple moving average of $753.42. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey’s General Stores had a return on equity of 18.73% and a net margin of 4.07%.The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The business’s revenue was up 14.5% on a year-over-year basis. On average, analysts forecast that Casey’s General Stores, Inc. will post 21.14 earnings per share for the current fiscal year.

Casey’s General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be given a dividend of $0.65 per share. The ex-dividend date is Friday, July 31st. 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%. Casey’s General Stores’s dividend payout ratio (DPR) is presently 13.57%.

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.