Wedge Capital Management L L P NC Reduces Holdings in Casey’s General Stores, Inc. $CASY

Wedge Capital Management L L P NC reduced its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 15.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,872 shares of the company’s stock after selling 8,012 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Casey’s General Stores were worth $34,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Casey’s General Stores by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock valued at $420,416,000 after purchasing an additional 52,250 shares during the period. Burns J W & Co. Inc. NY grew its stake in Casey’s General Stores by 103.5% during the 1st quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company’s stock worth $1,782,000 after buying an additional 1,245 shares during the last quarter. North Dakota State Investment Board acquired a new position in Casey’s General Stores during the fourth quarter worth approximately $720,000. Jackson Creek Investment Advisors LLC acquired a new position in Casey’s General Stores during the fourth quarter worth approximately $1,338,000. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Casey’s General Stores by 52.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,079 shares of the company’s stock valued at $12,431,000 after buying an additional 5,846 shares during the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Casey’s General Stores

In related news, Director Allison M. Wing sold 530 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 3,042 shares in the company, valued at $2,547,918.36. This represents a 14.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of Casey’s General Stores stock in a transaction on Monday, June 29th. The stock was sold at an average price of $800.00, for a total value of $1,600,000.00. Following the transaction, the insider directly owned 6,668 shares of the company’s stock, valued at approximately $5,334,400. This represents a 23.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,243 shares of company stock valued at $24,421,877 in the last ninety days. Company insiders own 0.67% of the company’s stock.

Casey’s General Stores Stock Down 2.9%

Casey’s General Stores stock opened at $829.91 on Wednesday. The stock’s 50 day moving average price is $832.74 and its 200 day moving average price is $764.06. Casey’s General Stores, Inc. has a 1-year low of $490.00 and a 1-year high of $927.85. The company has a market cap of $30.71 billion, a PE ratio of 43.31, a price-to-earnings-growth ratio of 2.56 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Casey’s General Stores had a return on equity of 18.73% and a net margin of 4.07%.Casey’s General Stores’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.63 earnings per share. On average, 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 disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Saturday, August 1st will be issued a dividend of $0.65 per share. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. Casey’s General Stores’s payout ratio is presently 13.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,000.00 price objective on shares of Casey’s General Stores in a report on Monday, June 15th. Wells Fargo & Company upped their price target on shares of Casey’s General Stores from $910.00 to $960.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. BNP Paribas Exane lowered their price objective on shares of Casey’s General Stores from $1,032.00 to $995.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Evercore reissued an “outperform” rating and issued a $990.00 target price on shares of Casey’s General Stores in a report on Friday, June 12th. Finally, Capital One Financial initiated coverage on shares of Casey’s General Stores in a research report on Monday, June 22nd. They issued an “equal weight” rating and a $896.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Casey’s General Stores has a consensus rating of “Moderate Buy” and an average price target of $944.20.

About Casey’s General Stores

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.