Casey’s General Stores (NASDAQ:CASY) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Casey’s General Stores (NASDAQ:CASY) from a hold rating to a buy rating in a research report report published on Saturday.

CASY has been the subject of a number of other reports. Stephens reiterated an “overweight” rating and issued a $490.00 target price on shares of Casey’s General Stores in a research note on Tuesday, June 10th. Wells Fargo & Company lifted their price target on shares of Casey’s General Stores from $460.00 to $540.00 and gave the company an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group boosted their price target on shares of Casey’s General Stores from $385.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank of Canada set a $438.00 price objective on shares of Casey’s General Stores and gave the company a “sector perform” rating in a report on Wednesday, March 12th. Finally, BMO Capital Markets boosted their price objective on shares of Casey’s General Stores from $450.00 to $515.00 and gave the company a “market perform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $453.00.

Casey’s General Stores Price Performance

Casey’s General Stores stock opened at $506.16 on Friday. The company has a market cap of $18.79 billion, a price-to-earnings ratio of 35.27, a PEG ratio of 2.40 and a beta of 0.65. The firm’s fifty day moving average is $453.67 and its 200 day moving average is $426.39. 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 has a 52-week low of $350.52 and a 52-week high of $512.88.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $1.94 by $0.69. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. Casey’s General Stores had a net margin of 3.57% and a return on equity of 17.17%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.34 EPS. Sell-side analysts forecast that Casey’s General Stores will post 13.94 EPS for the current fiscal year.

Casey’s General Stores Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.45%. This is a positive change from Casey’s General Stores’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 1st. Casey’s General Stores’s dividend payout ratio is presently 15.57%.

Insider Buying and Selling

In related news, Director Allison M. Wing sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $502.16, for a total value of $502,160.00. Following the completion of the transaction, the director now directly owns 3,058 shares of the company’s stock, valued at $1,535,605.28. This represents a 24.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 directly owns 2,443 shares of the company’s stock, valued at $1,067,615.43. This trade represents a 9.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Casey’s General Stores

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc acquired a new stake in shares of Casey’s General Stores in the first quarter valued at approximately $25,000. Global Financial Private Client LLC boosted its holdings in shares of Casey’s General Stores by 325.0% in the first quarter. Global Financial Private Client LLC now owns 68 shares of the company’s stock valued at $30,000 after acquiring an additional 52 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Casey’s General Stores in the first quarter valued at approximately $32,000. Iron Horse Wealth Management LLC boosted its holdings in shares of Casey’s General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company’s stock valued at $40,000 after acquiring an additional 26 shares during the period. Finally, WPG Advisers LLC acquired a new stake in shares of Casey’s General Stores in the first quarter valued at approximately $47,000. 85.63% of the stock is owned by institutional investors and hedge funds.

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.