Congress Asset Management Co. Decreases Stock Holdings in Casey’s General Stores, Inc. $CASY

Congress Asset Management Co. decreased its position in Casey’s General Stores, Inc. (NASDAQ:CASY) by 32.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,908 shares of the company’s stock after selling 76,116 shares during the quarter. Congress Asset Management Co. owned approximately 0.44% of Casey’s General Stores worth $91,530,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Franklin Resources Inc. increased its holdings in Casey’s General Stores by 0.3% during the 2nd quarter. Franklin Resources Inc. now owns 708,893 shares of the company’s stock valued at $361,727,000 after purchasing an additional 2,467 shares during the period. Invesco Ltd. grew its position in shares of Casey’s General Stores by 71.7% in the 2nd quarter. Invesco Ltd. now owns 483,907 shares of the company’s stock worth $246,923,000 after buying an additional 202,033 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Casey’s General Stores by 9.1% during the second quarter. Envestnet Asset Management Inc. now owns 448,919 shares of the company’s stock valued at $229,070,000 after buying an additional 37,625 shares during the period. Norges Bank purchased a new position in shares of Casey’s General Stores during the second quarter valued at approximately $210,151,000. Finally, Third Point LLC raised its holdings in shares of Casey’s General Stores by 20.0% during the second quarter. Third Point LLC now owns 360,000 shares of the company’s stock valued at $183,697,000 after acquiring an additional 60,000 shares in the last quarter. 85.63% of the stock is owned by institutional investors.

Insider Transactions at Casey’s General Stores

In related news, insider Chad Michael Frazell sold 3,487 shares of the stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the sale, the insider directly owned 7,993 shares of the company’s stock, valued at approximately $4,439,312.20. This represents a 30.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.54% of the stock is currently owned by insiders.

Casey’s General Stores Price Performance

Shares of NASDAQ CASY opened at $558.49 on Friday. The company has a 50 day simple moving average of $547.41 and a two-hundred day simple moving average of $529.24. Casey’s General Stores, Inc. has a fifty-two week low of $372.08 and a fifty-two week high of $573.76. The company has a market capitalization of $20.70 billion, a price-to-earnings ratio of 34.35 and a beta of 0.65. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.65 and a current ratio of 1.05.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Tuesday, December 9th. The company reported $5.53 earnings per share for the quarter, topping the consensus estimate of $4.92 by $0.61. The company had revenue of $4.51 billion for the quarter, compared to the consensus estimate of $4.51 billion. Casey’s General Stores had a return on equity of 16.89% and a net margin of 3.58%.The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.85 EPS. Analysts expect that Casey’s General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey’s General Stores Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Sunday, February 1st will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, January 30th. Casey’s General Stores’s payout ratio is currently 14.02%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CASY. KeyCorp reiterated an “overweight” rating on shares of Casey’s General Stores in a report on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $530.00 target price on shares of Casey’s General Stores in a research note on Wednesday, December 10th. BMO Capital Markets increased their price target on shares of Casey’s General Stores from $515.00 to $540.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 10th. Evercore ISI lifted their price objective on Casey’s General Stores from $585.00 to $610.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Wells Fargo & Company upped their target price on Casey’s General Stores from $610.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $585.67.

Casey’s General Stores Company 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.