Primecap Management Co. CA Increases Stake in Casey’s General Stores, Inc. (NASDAQ:CASY)

Primecap Management Co. CA grew its stake in Casey’s General Stores, Inc. (NASDAQ:CASY) by 17.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,300 shares of the company’s stock after purchasing an additional 11,100 shares during the period. Primecap Management Co. CA’s holdings in Casey’s General Stores were worth $27,915,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CASY. Park Place Capital Corp purchased a new position in Casey’s General Stores in the second quarter valued at $31,000. Innealta Capital LLC acquired a new stake in Casey’s General Stores in the second quarter valued at approximately $32,000. Advisors Asset Management Inc. purchased a new stake in shares of Casey’s General Stores in the first quarter valued at approximately $32,000. Bank & Trust Co acquired a new position in shares of Casey’s General Stores during the 2nd quarter worth approximately $40,000. Finally, Venturi Wealth Management LLC increased its holdings in Casey’s General Stores by 941.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 125 shares of the company’s stock worth $47,000 after acquiring an additional 113 shares in the last quarter. Institutional investors and hedge funds own 85.63% of the company’s stock.

Casey’s General Stores Price Performance

CASY stock opened at $416.11 on Friday. The business has a 50 day moving average price of $389.42 and a 200 day moving average price of $371.78. Casey’s General Stores, Inc. has a fifty-two week low of $266.56 and a fifty-two week high of $420.27. The company has a quick ratio of 0.44, a current ratio of 0.84 and a debt-to-equity ratio of 0.44. The stock has a market cap of $15.45 billion, a price-to-earnings ratio of 30.28 and a beta of 0.79.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share for the quarter, beating analysts’ consensus estimates of $4.54 by $0.29. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Casey’s General Stores had a net margin of 3.40% and a return on equity of 17.07%. Casey’s General Stores’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.52 earnings per share. Equities research analysts anticipate that Casey’s General Stores, Inc. will post 14.24 earnings per share for the current fiscal year.

Casey’s General Stores Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Friday, November 1st. Casey’s General Stores’s dividend payout ratio (DPR) is presently 14.56%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Casey’s General Stores from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. downgraded Casey’s General Stores from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $300.00 to $337.00 in a research report on Thursday, September 19th. Benchmark reaffirmed a “buy” rating and set a $410.00 price objective on shares of Casey’s General Stores in a research report on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Casey’s General Stores from $451.00 to $454.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, StockNews.com lowered Casey’s General Stores from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $408.25.

Insider Activity at Casey’s General Stores

In other Casey’s General Stores news, CEO Darren M. Rebelez sold 13,500 shares of Casey’s General Stores stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $374.54, for a total value of $5,056,290.00. Following the sale, the chief executive officer now owns 73,838 shares of the company’s stock, valued at approximately $27,655,284.52. The trade was a 15.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas P. Brennan, Jr. sold 3,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $380.24, for a total value of $1,140,720.00. Following the transaction, the insider now directly owns 9,044 shares in the company, valued at $3,438,890.56. This represents a 24.91 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Casey’s General Stores Company Profile

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.