Casey’s General Stores (NASDAQ:CASY) Hits New 1-Year High Following Better-Than-Expected Earnings

Casey’s General Stores, Inc. (NASDAQ:CASY)’s share price hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $509.08 and last traded at $499.99, with a volume of 350213 shares changing hands. The stock had previously closed at $439.29.

The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.69. Casey’s General Stores had a net margin of 3.57% and a return on equity of 17.17%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.95 billion. During the same period in the previous year, the business earned $2.34 EPS. The firm’s revenue was up 10.9% on a year-over-year basis.

Casey’s General Stores Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a dividend of $0.57 per share. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.50. This represents a $2.28 annualized dividend and a yield of 0.47%. The ex-dividend date is Friday, August 1st. Casey’s General Stores’s dividend payout ratio (DPR) is currently 13.94%.

Wall Street Analyst Weigh In

CASY has been the subject of several analyst reports. KeyCorp initiated coverage on shares of Casey’s General Stores in a report on Friday, April 11th. They set an “overweight” rating and a $500.00 price target for the company. Wall Street Zen downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Evercore ISI lifted their price target on shares of Casey’s General Stores from $450.00 to $460.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Stephens reissued an “overweight” rating and set a $490.00 price target on shares of Casey’s General Stores in a report on Tuesday. Finally, Gordon Haskett raised shares of Casey’s General Stores from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $434.92.

Insider Buying and Selling at Casey’s General Stores

In other news, insider Katrina S. Lindsey sold 250 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $437.01, for a total value of $109,252.50. Following the completion of the transaction, the insider now owns 2,443 shares in the company, valued at $1,067,615.43. This represents a 9.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mike Spanos purchased 256 shares of Casey’s General Stores stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $390.54 per share, with a total value of $99,978.24. Following the acquisition, the director now directly owns 3,356 shares of the company’s stock, valued at approximately $1,310,652.24. This trade represents a 8.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc acquired a new position in Casey’s General Stores during the first quarter worth $25,000. Global Financial Private Client LLC boosted its holdings in Casey’s General Stores by 325.0% during the first quarter. Global Financial Private Client LLC now owns 68 shares of the company’s stock worth $30,000 after purchasing an additional 52 shares during the last quarter. Summit Securities Group LLC acquired a new position in Casey’s General Stores during the first quarter worth $32,000. Iron Horse Wealth Management LLC boosted its holdings in Casey’s General Stores by 40.0% during the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company’s stock worth $40,000 after purchasing an additional 26 shares during the last quarter. Finally, WPG Advisers LLC acquired a new position in Casey’s General Stores during the first quarter worth $47,000. Institutional investors and hedge funds own 85.63% of the company’s stock.

Casey’s General Stores Price Performance

The company’s fifty day moving average is $448.42 and its 200 day moving average is $424.74. The firm has a market cap of $18.20 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 2.40 and a beta of 0.65. The company has a quick ratio of 0.49, a current ratio of 0.88 and a debt-to-equity ratio of 0.74.

Casey’s General Stores Company Profile

Casey’s General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.