Casey’s General Stores (NASDAQ:CASY) Shares Up 5.9% Following Earnings Beat

Casey’s General Stores, Inc. (NASDAQ:CASY)’s share price traded up 5.9% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $412.21 and last traded at $401.19. 88,917 shares traded hands during trading, a decline of 68% from the average session volume of 281,153 shares. The stock had previously closed at $378.71.

The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.76 by $0.57. The firm had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Casey’s General Stores had a return on equity of 17.17% and a net margin of 3.57%. The business’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 EPS.

Casey’s General Stores Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, May 1st. This represents a $2.00 annualized dividend and a yield of 0.52%. Casey’s General Stores’s dividend payout ratio (DPR) is presently 13.94%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CASY shares. BMO Capital Markets reissued a “market perform” rating and set a $450.00 price target (up from $400.00) on shares of Casey’s General Stores in a research report on Wednesday, December 18th. StockNews.com cut Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Gordon Haskett raised Casey’s General Stores from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Royal Bank of Canada set a $438.00 price target on Casey’s General Stores and gave the company a “sector perform” rating in a research report on Wednesday. Finally, Evercore ISI lowered their price target on Casey’s General Stores from $460.00 to $450.00 and set an “outperform” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Casey’s General Stores currently has an average rating of “Moderate Buy” and a consensus price target of $423.09.

Insiders Place Their Bets

In other news, Director Mike Spanos acquired 500 shares of the stock in a transaction on Monday, December 23rd. The shares were purchased at an average price of $396.76 per share, for a total transaction of $198,380.00. Following the transaction, the director now directly owns 3,097 shares of the company’s stock, valued at approximately $1,228,765.72. This represents a 19.25 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Casey’s General Stores

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CASY. Atria Investments Inc raised its holdings in Casey’s General Stores by 3.2% in the 3rd quarter. Atria Investments Inc now owns 3,198 shares of the company’s stock valued at $1,201,000 after acquiring an additional 100 shares in the last quarter. Venturi Wealth Management LLC raised 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 valued at $47,000 after acquiring an additional 113 shares in the last quarter. Entropy Technologies LP acquired a new position in Casey’s General Stores in the 3rd quarter valued at $251,000. Harbour Investments Inc. raised its holdings in Casey’s General Stores by 9.8% in the 3rd quarter. Harbour Investments Inc. now owns 972 shares of the company’s stock valued at $365,000 after acquiring an additional 87 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Casey’s General Stores by 1.4% in the 3rd quarter. Victory Capital Management Inc. now owns 127,262 shares of the company’s stock valued at $47,814,000 after acquiring an additional 1,701 shares in the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Casey’s General Stores Price Performance

The company has a fifty day simple moving average of $409.76 and a two-hundred day simple moving average of $399.63. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.49 and a current ratio of 0.88. The stock has a market capitalization of $14.29 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 2.40 and a beta of 0.87.

Casey’s General Stores Company Profile

Casey’s General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.