Jennison Associates LLC Sells 14,913 Shares of Casey’s General Stores, Inc. $CASY

Jennison Associates LLC lowered its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 52.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 13,635 shares of the company’s stock after selling 14,913 shares during the period. Jennison Associates LLC’s holdings in Casey’s General Stores were worth $9,924,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 valued at $1,469,747,000 after buying an additional 2,657,687 shares during the last quarter. Norges Bank bought a new position in Casey’s General Stores during the 4th quarter valued at $265,163,000. Franklin Resources Inc. boosted its holdings in Casey’s General Stores by 40.9% during the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock worth $590,671,000 after acquiring an additional 310,470 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Casey’s General Stores by 175.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company’s stock worth $260,622,000 after acquiring an additional 300,249 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Casey’s General Stores by 115.9% in the fourth quarter. Corient Private Wealth LLC now owns 423,666 shares of the company’s stock valued at $234,164,000 after purchasing an additional 227,403 shares during the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey’s General Stores Stock Performance

NASDAQ CASY opened at $858.26 on Wednesday. The firm has a market cap of $31.76 billion, a P/E ratio of 44.79, a price-to-earnings-growth ratio of 2.60 and a beta of 0.62. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $822.17 and its 200-day moving average is $737.11. Casey’s General Stores, Inc. has a 12-month low of $490.00 and a 12-month high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $1.06. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.63 EPS. Sell-side analysts predict that Casey’s General Stores, Inc. will post 21.14 earnings per share for the current year.

Casey’s General Stores Increases Dividend

The company also recently disclosed 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. 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. The ex-dividend date is Friday, July 31st. Casey’s General Stores’s dividend payout ratio (DPR) is 11.90%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CASY. Capital One Financial initiated coverage on shares of Casey’s General Stores in a report on Monday, June 22nd. They set an “equal weight” rating and a $896.00 price target on the stock. Northcoast Research upgraded Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 price target on the stock in a report on Monday, July 13th. Wolfe Research reissued an “outperform” rating and issued a $1,069.00 price objective on shares of Casey’s General Stores in a research report on Thursday, June 11th. Morgan Stanley upgraded Casey’s General Stores to a “buy” rating in a research note on Wednesday, June 10th. Finally, 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 research note on Monday, June 29th. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Casey’s General Stores presently has an average rating of “Moderate Buy” and an average target price of $940.00.

Insiders Place Their Bets

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value of $4,777,512.00. Following the transaction, the chief financial officer directly owned 29,677 shares in the company, valued at approximately $24,874,074.32. This represents a 16.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chad Michael Frazell sold 3,013 shares of the business’s stock in a transaction that occurred 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 sale, the insider owned 9,823 shares of the company’s stock, valued at approximately $7,735,514.27. The trade was a 23.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 30,243 shares of company stock worth $24,421,877. 0.54% of the stock is owned by corporate 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.