CI Investments Inc. Reduces Stock Holdings in Casey’s General Stores, Inc. $CASY

CI Investments Inc. reduced its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 8.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,599 shares of the company’s stock after selling 626 shares during the quarter. CI Investments Inc.’s holdings in Casey’s General Stores were worth $4,803,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC bought a new stake in shares of Casey’s General Stores during the 1st quarter valued at about $33,000. ORG Partners LLC raised its stake in Casey’s General Stores by 47.6% in the fourth quarter. ORG Partners LLC now owns 62 shares of the company’s stock worth $34,000 after buying an additional 20 shares in the last quarter. Larson Financial Group LLC raised its stake in Casey’s General Stores by 252.4% in the fourth quarter. Larson Financial Group LLC now owns 74 shares of the company’s stock worth $41,000 after buying an additional 53 shares in the last quarter. Elyxium Wealth LLC purchased a new stake in Casey’s General Stores in the fourth quarter worth about $43,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Casey’s General Stores in the second quarter worth about $45,000. 85.63% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Casey’s General Stores news, insider Chad Michael Frazell sold 3,013 shares of Casey’s General Stores stock in a transaction 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 transaction, the insider owned 9,823 shares in the company, valued at approximately $7,735,514.27. The trade was a 23.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Allison M. Wing sold 530 shares of Casey’s General Stores stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total value of $443,917.40. Following the transaction, the director owned 3,042 shares of the company’s stock, valued at $2,547,918.36. The trade was a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,243 shares of company stock worth $24,421,877 over the last three months. Corporate insiders own 0.54% of the company’s stock.

Casey’s General Stores Trading Up 2.2%

NASDAQ:CASY opened at $875.25 on Friday. Casey’s General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. The company’s 50-day simple moving average is $821.49 and its 200 day simple moving average is $741.49. The firm has a market capitalization of $32.39 billion, a P/E ratio of 45.68, a PEG ratio of 2.57 and a beta of 0.62.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings data 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 net margin of 4.07% and a return on equity of 18.73%. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the prior year, the company earned $2.63 earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts forecast that Casey’s General Stores, Inc. will post 21.14 EPS for the current fiscal year.

Casey’s General Stores Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Saturday, August 1st will be given a $0.65 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. Casey’s General Stores’s payout ratio is presently 11.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CASY shares. BMO Capital Markets upgraded Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 target price on the stock in a report on Monday, June 29th. Royal Bank Of Canada raised their target price on Casey’s General Stores from $794.00 to $850.00 and gave the company a “sector perform” rating in a research note on Thursday, June 25th. UBS Group lifted their price target on Casey’s General Stores from $805.00 to $945.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Capital One Financial began coverage on Casey’s General Stores in a research report on Monday, June 22nd. They set an “equal weight” rating and a $896.00 price target on the stock. Finally, Evercore reaffirmed an “outperform” rating and issued a $990.00 price target on shares of Casey’s General Stores in a research note on Friday, June 12th. Fourteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Casey’s General Stores has an average rating of “Moderate Buy” and a consensus price target of $940.00.

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.