Insider Selling: Casey’s General Stores (NASDAQ:CASY) Insider Sells $2,372,707.37 in Stock

Casey’s General Stores, Inc. (NASDAQ:CASY) insider Chad Michael Frazell sold 3,013 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the completion of the sale, the insider owned 9,823 shares in the company, valued at $7,735,514.27. This represents a 23.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Casey’s General Stores Stock Performance

NASDAQ:CASY opened at $797.42 on Friday. The company has a market cap of $29.51 billion, a PE ratio of 41.62, a price-to-earnings-growth ratio of 2.40 and a beta of 0.62. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a 50 day simple moving average of $820.92 and a two-hundred day simple moving average of $712.84. 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 released its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, beating the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Casey’s General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.63 EPS. Research analysts forecast that Casey’s General Stores, Inc. will post 21.05 earnings per share for the current year.

Casey’s General Stores Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, July 31st. Casey’s General Stores’s dividend payout ratio (DPR) is currently 11.90%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Evercore reissued an “outperform” rating and issued a $990.00 target price on shares of Casey’s General Stores in a research report on Friday, June 12th. William Blair began coverage on Casey’s General Stores in a research note on Wednesday, May 20th. They set an “outperform” rating for the company. Wolfe Research reaffirmed an “outperform” rating and set a $1,069.00 price target on shares of Casey’s General Stores in a research report on Thursday, June 11th. BMO Capital Markets upgraded shares of Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 price objective on the stock in a research note on Monday, June 29th. Finally, Morgan Stanley raised shares of Casey’s General Stores to a “buy” rating in a report on Wednesday, June 10th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $939.29.

Institutional Investors Weigh In On Casey’s General Stores

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Casey’s General Stores by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock worth $420,416,000 after acquiring an additional 52,250 shares during the period. North Dakota State Investment Board purchased a new position in Casey’s General Stores during the fourth quarter valued at approximately $720,000. Burns J W & Co. Inc. NY lifted its holdings in Casey’s General Stores by 103.5% during the first quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company’s stock valued at $1,782,000 after purchasing an additional 1,245 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in shares of Casey’s General Stores in the fourth quarter worth approximately $1,338,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Casey’s General Stores by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 140,491 shares of the company’s stock worth $77,651,000 after purchasing an additional 3,553 shares during the period. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

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.