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

Primecap Management Co. CA purchased a new position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 33,415 shares of the company’s stock, valued at approximately $26,558,000. Primecap Management Co. CA owned 0.09% of Casey’s General Stores at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in shares of Casey’s General Stores by 6.4% during the first quarter. NewEdge Advisors LLC now owns 1,871 shares of the company’s stock valued at $812,000 after acquiring an additional 113 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Casey’s General Stores by 129.6% in the first quarter. Geneos Wealth Management Inc. now owns 186 shares of the company’s stock valued at $81,000 after purchasing an additional 105 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Casey’s General Stores by 431.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company’s stock valued at $111,000 after purchasing an additional 177 shares in the last quarter. Amundi acquired a new stake in Casey’s General Stores during the 2nd quarter valued at approximately $338,000. Finally, Jump Financial LLC increased its holdings in Casey’s General Stores by 42.6% during the 2nd quarter. Jump Financial LLC now owns 968 shares of the company’s stock worth $494,000 after purchasing an additional 289 shares during the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CASY has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Casey’s General Stores from $695.00 to $795.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. BMO Capital Markets raised shares of Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 price target on the stock in a report on Monday, June 29th. Morgan Stanley upgraded shares of Casey’s General Stores to a “buy” rating in a research note on Wednesday, June 10th. BNP Paribas Exane decreased their price objective on shares of Casey’s General Stores from $1,032.00 to $995.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Casey’s General Stores from $719.00 to $975.00 and gave the stock a “neutral” rating in a research report on Friday, June 12th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Casey’s General Stores currently has an average rating of “Moderate Buy” and a consensus target price of $944.20.

Casey’s General Stores Price Performance

Shares of CASY opened at $807.12 on Thursday. The company has a market cap of $29.87 billion, a P/E ratio of 42.13, a PEG ratio of 2.82 and a beta of 0.61. The stock has a fifty day moving average price of $835.23 and a 200 day moving average price of $780.78. 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, Inc. has a 12 month low of $490.00 and a 12 month high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last posted its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $4.33 billion. During the same period last year, the business posted $2.63 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current 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 given a $0.65 dividend. The ex-dividend date was Friday, July 31st. This represents a $2.60 annualized dividend and a yield of 0.3%. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.57. Casey’s General Stores’s payout ratio is 13.57%.

Insider Activity

In related news, Director Allison M. Wing sold 530 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $837.58, for a total value of $443,917.40. Following the completion of the transaction, the director directly owned 3,042 shares of the company’s stock, valued at $2,547,918.36. This represents a 14.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $1,600,000.00. Following the completion of the sale, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. This represents a 23.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,243 shares of company stock worth $24,421,877 over the last three months. Insiders own 0.67% of the company’s stock.

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.