Man Group plc Takes Position in Casey’s General Stores, Inc. $CASY

Man Group plc purchased a new position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 138,999 shares of the company’s stock, valued at approximately $110,475,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Casey’s General Stores during the 2nd quarter worth approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. lifted its stake in Casey’s General Stores by 179,938.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock valued at $1,469,747,000 after buying an additional 2,657,687 shares in the last quarter. Norges Bank acquired a new stake in Casey’s General Stores during the 4th quarter valued at $265,163,000. Bank of New York Mellon Corp acquired a new stake in Casey’s General Stores during the 2nd quarter valued at $281,011,000. Finally, Jupiter Topco LLC acquired a new stake in Casey’s General Stores during the 2nd quarter valued at $246,982,000. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Casey’s General Stores

In other Casey’s General Stores news, Director Allison M. Wing sold 530 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $837.58, for a total value of $443,917.40. Following the sale, the director directly owned 3,042 shares of the company’s stock, valued at approximately $2,547,918.36. This trade represents a 14.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of Casey’s General Stores 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 completion of the sale, the insider 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 30,243 shares of company stock valued at $24,421,877. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

CASY has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price target on Casey’s General Stores from $695.00 to $795.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. KeyCorp increased their price objective on Casey’s General Stores from $950.00 to $970.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. UBS Group lifted their price objective on 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. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,000.00 target price on shares of Casey’s General Stores in a research note on Monday, June 15th. Finally, Capital One Financial began coverage on shares of Casey’s General Stores in a report on Monday, June 22nd. They issued an “equal weight” rating and a $896.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $944.20.

Casey’s General Stores Stock Down 3.4%

CASY stock opened at $824.92 on Wednesday. The company has a 50 day moving average price of $836.11 and a two-hundred day moving average price of $779.69. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The stock has a market capitalization of $30.53 billion, a P/E ratio of 43.05, a PEG ratio of 2.92 and a beta of 0.61. Casey’s General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last issued its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates 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 company 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 company posted $2.63 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were paid a $0.65 dividend. The ex-dividend date was Friday, July 31st. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 0.3%. Casey’s General Stores’s payout ratio is currently 13.57%.

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.