Wellington Management Group LLP Cuts Position in Casey’s General Stores, Inc. $CASY

Wellington Management Group LLP reduced its position in Casey’s General Stores, Inc. (NASDAQ:CASY) by 14.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,843 shares of the company’s stock after selling 61,259 shares during the period. Wellington Management Group LLP’s holdings in Casey’s General Stores were worth $290,768,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CASY. BlackRock Inc. purchased a new position in Casey’s General Stores in the second quarter valued at approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. grew its stake in Casey’s General Stores by 179,938.2% during 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 during the period. Franklin Resources Inc. grew its stake in Casey’s General Stores by 40.9% during 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 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock valued at $420,416,000 after acquiring an additional 52,250 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Casey’s General Stores by 12.6% in the 4th quarter. Invesco Ltd. now owns 572,152 shares of the company’s stock valued at $316,234,000 after acquiring an additional 64,154 shares during the period. Hedge funds and other institutional investors own 85.63% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CASY shares. Stephens set a $975.00 price target on Casey’s General Stores and gave the company an “overweight” rating in a report on Friday, June 12th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,000.00 price objective on shares of Casey’s General Stores in a research note on Monday, June 15th. William Blair assumed coverage on Casey’s General Stores in a research report on Wednesday, May 20th. They issued an “outperform” rating for the company. BNP Paribas Exane lowered their price objective on shares of Casey’s General Stores from $1,032.00 to $995.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Finally, Northcoast Research upgraded Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 target price for the company in a research note on Monday, July 13th. Fourteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $942.87.

Casey’s General Stores Stock Performance

Shares of Casey’s General Stores stock opened at $755.47 on Monday. The firm has a market cap of $27.96 billion, a PE ratio of 39.43, a price-to-earnings-growth ratio of 2.59 and a beta of 0.61. The firm’s 50-day simple moving average is $831.92 and its 200-day simple moving average is $782.18. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. Casey’s General Stores, Inc. has a 1 year low of $490.00 and a 1 year high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 18.73% and a net margin of 4.07%.The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $2.63 earnings per share. Equities analysts forecast that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey’s General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Saturday, August 1st were paid a dividend of $0.65 per share. The ex-dividend date was Friday, July 31st. This is a positive change from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 0.3%. Casey’s General Stores’s payout ratio is presently 13.57%.

Insider Buying and Selling at Casey’s General Stores

In related news, Director Allison M. Wing sold 530 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the sale, the director owned 3,042 shares in the company, valued at $2,547,918.36. This represents a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of the firm’s stock in a transaction dated 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 directly owned 6,668 shares in the company, valued at $5,334,400. This represents a 23.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is owned by company insiders.

Casey’s General Stores 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.