Legal & General Group Plc Invests $91.16 Million in Casey’s General Stores, Inc. $CASY

Legal & General Group Plc acquired a new stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) in the second quarter, HoldingsChannel.com reports. The fund acquired 114,695 shares of the company’s stock, valued at approximately $91,158,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Casey’s General Stores during the second quarter valued at $2,759,895,000. Northwestern Mutual Wealth Management Co. increased its position in Casey’s General Stores by 179,938.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock worth $1,469,747,000 after buying an additional 2,657,687 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Casey’s General Stores by 40.9% in the fourth quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock worth $590,671,000 after buying an additional 310,470 shares during the period. Geode Capital Management LLC raised its stake in shares of Casey’s General Stores by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock worth $420,416,000 after buying an additional 52,250 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Casey’s General Stores by 12.6% during the 4th quarter. Invesco Ltd. now owns 572,152 shares of the company’s stock valued at $316,234,000 after buying an additional 64,154 shares in the last quarter. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Casey’s General Stores

In other Casey’s General Stores news, insider Katrina S. Lindsey sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the completion of the transaction, the insider owned 6,668 shares in the company, valued at $5,334,400. This trade represents a 23.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Chad Michael Frazell sold 3,013 shares of Casey’s General Stores stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total value of $2,372,707.37. Following the completion of the sale, the insider directly owned 9,823 shares in the company, valued at approximately $7,735,514.27. The trade was a 23.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,243 shares of company stock worth $24,421,877 over the last three months. 0.67% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CASY. Wolfe Research reiterated an “outperform” rating and set a $1,069.00 price objective on shares of Casey’s General Stores in a research note on Thursday, June 11th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,000.00 target price on shares of Casey’s General Stores in a research note on Monday, June 15th. Morgan Stanley upgraded shares of Casey’s General Stores to a “buy” rating in a research report on Wednesday, June 10th. KeyCorp increased their price objective on shares of Casey’s General Stores from $950.00 to $970.00 and gave the stock an “overweight” rating in a research note on Thursday, June 11th. Finally, Wells Fargo & Company raised their price objective on shares of Casey’s General Stores from $910.00 to $960.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $942.87.

Casey’s General Stores Stock Performance

Shares of NASDAQ CASY opened at $763.38 on Friday. The company has a market cap of $28.25 billion, a P/E ratio of 39.84, a P/E/G ratio of 2.76 and a beta of 0.61. Casey’s General Stores, Inc. has a 52-week low of $490.00 and a 52-week high of $927.85. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The firm’s fifty day moving average is $833.65 and its two-hundred day moving average is $781.50.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, beating the consensus estimate of $3.31 by $1.06. The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.63 EPS. As a group, analysts anticipate that Casey’s General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey’s General Stores Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Saturday, August 1st were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. Casey’s General Stores’s dividend payout ratio is currently 13.57%.

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.