Casey’s General Stores (NASDAQ:CASY) Announces Quarterly Earnings Results

Casey’s General Stores (NASDAQ:CASY) posted its quarterly earnings results on Tuesday. The company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.36 by $1.16, MarketWatch Earnings reports. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Casey’s General Stores had a return on equity of 17.13% and a net margin of 2.96%. The firm’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.09 earnings per share.

Casey’s General Stores Price Performance

Shares of CASY opened at $275.69 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.99 and a debt-to-equity ratio of 0.61. Casey’s General Stores has a twelve month low of $197.22 and a twelve month high of $275.84. The stock has a market capitalization of $10.31 billion, a P/E ratio of 23.13 and a beta of 0.83. The company has a 50 day moving average of $247.71 and a 200-day moving average of $231.58.

Casey’s General Stores Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Tuesday, October 31st. Casey’s General Stores’s dividend payout ratio (DPR) is currently 14.43%.

Analyst Upgrades and Downgrades

CASY has been the topic of several analyst reports. BMO Capital Markets increased their target price on shares of Casey’s General Stores from $270.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday. SpectralCast reaffirmed a “maintains” rating on shares of Casey’s General Stores in a research note on Thursday, June 8th. Benchmark reissued a “buy” rating and issued a $275.00 target price on shares of Casey’s General Stores in a research note on Tuesday. Wells Fargo & Company raised their price target on Casey’s General Stores from $260.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on Casey’s General Stores from $275.00 to $284.00 and gave the company a “sector perform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $273.11.

Institutional Trading of Casey’s General Stores

Institutional investors have recently made changes to their positions in the business. Money Concepts Capital Corp grew its position in Casey’s General Stores by 62.7% in the fourth quarter. Money Concepts Capital Corp now owns 122 shares of the company’s stock valued at $27,000 after purchasing an additional 47 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Casey’s General Stores by 46.6% during the 2nd quarter. Sunbelt Securities Inc. now owns 129 shares of the company’s stock worth $31,000 after buying an additional 41 shares during the last quarter. Fortis Capital Advisors LLC bought a new position in shares of Casey’s General Stores in the 1st quarter valued at about $31,000. Milestone Investment Advisors LLC bought a new position in shares of Casey’s General Stores in the 1st quarter valued at about $34,000. Finally, ICA Group Wealth Management LLC increased its position in shares of Casey’s General Stores by 138.9% in the first quarter. ICA Group Wealth Management LLC now owns 215 shares of the company’s stock valued at $47,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 85.43% of the company’s stock.

About Casey’s General Stores

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.