Trust Point Inc. Cuts Stock Position in Casey’s General Stores, Inc. $CASY

Trust Point Inc. cut its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 65.4% in the second quarter, HoldingsChannel.com reports. The fund owned 401 shares of the company’s stock after selling 757 shares during the period. Trust Point Inc.’s holdings in Casey’s General Stores were worth $319,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CASY. Whipplewood Advisors LLC acquired a new stake in shares of Casey’s General Stores in the first quarter valued at about $33,000. Larson Financial Group LLC raised its position in shares of Casey’s General Stores by 252.4% during the 4th quarter. Larson Financial Group LLC now owns 74 shares of the company’s stock worth $41,000 after purchasing an additional 53 shares during the last quarter. RMG Wealth Management LLC raised its position in shares of Casey’s General Stores by 250.0% during the 1st quarter. RMG Wealth Management LLC now owns 56 shares of the company’s stock worth $41,000 after purchasing an additional 40 shares during the last quarter. Elyxium Wealth LLC purchased a new position in Casey’s General Stores in the 4th quarter valued at about $43,000. Finally, Osterweis Capital Management Inc. purchased a new position in Casey’s General Stores in the 2nd quarter valued at about $45,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey’s General Stores Price Performance

Shares of NASDAQ CASY opened at $833.95 on Monday. Casey’s General Stores, Inc. has a 12-month low of $490.00 and a 12-month high of $927.85. The stock has a market cap of $30.86 billion, a PE ratio of 43.53, a P/E/G ratio of 2.50 and a beta of 0.61. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $829.04 and a 200 day moving average of $761.10.

Casey’s General Stores (NASDAQ:CASY) last released its earnings results 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 analyst estimates of $4.33 billion. During the same period last year, the company posted $2.63 EPS. The business’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts predict 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. Investors of record on Saturday, August 1st will be issued a $0.65 dividend. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. Casey’s General Stores’s payout ratio is 13.57%.

Insider Activity

In other Casey’s General Stores news, Director Allison M. Wing sold 530 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $837.58, for a total value of $443,917.40. Following the completion of the sale, the director directly owned 3,042 shares in the company, valued at $2,547,918.36. This represents a 14.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Darren M. Rebelez sold 19,000 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the completion of the sale, the chief executive officer directly owned 89,174 shares of the company’s stock, valued at $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,243 shares of company stock valued at $24,421,877 in the last 90 days. 0.67% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented 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. Evercore restated an “outperform” rating and issued a $990.00 target price on shares of Casey’s General Stores in a research report on Friday, June 12th. Capital One Financial assumed coverage on Casey’s General Stores in a research note on Monday, June 22nd. They issued an “equal weight” rating and a $896.00 price target on the stock. Royal Bank Of Canada reiterated a “sector perform” rating and set a $913.00 price target on shares of Casey’s General Stores in a research report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,000.00 price objective on shares of Casey’s General Stores in a research note on Monday, June 15th. Fourteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $944.20.

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.