Casey’s General Stores (NASDAQ:CASY) Releases Earnings Results, Beats Estimates By $1.16 EPS

Casey’s General Stores (NASDAQ:CASY) announced its quarterly earnings data 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. Casey’s General Stores had a net margin of 2.96% and a return on equity of 17.13%. The business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.90 billion. The company’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.09 earnings per share.

Casey’s General Stores Stock Up 3.6 %

CASY opened at $275.69 on Thursday. The company has a market cap of $10.31 billion, a PE ratio of 23.13 and a beta of 0.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.59 and a current ratio of 0.99. Casey’s General Stores has a 1 year low of $197.22 and a 1 year high of $275.84. The firm has a 50 day moving average price of $247.71 and a 200 day moving average price of $231.58.

Casey’s General Stores Announces Dividend

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

Institutional Investors Weigh In On Casey’s General Stores

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Casey’s General Stores by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,734,566 shares of the company’s stock valued at $756,324,000 after acquiring an additional 25,687 shares during the period. BlackRock Inc. raised its position in Casey’s General Stores by 2.1% in the first quarter. BlackRock Inc. now owns 3,287,615 shares of the company’s stock valued at $711,637,000 after purchasing an additional 68,495 shares during the period. State Street Corp lifted its stake in shares of Casey’s General Stores by 4.4% during the third quarter. State Street Corp now owns 1,432,889 shares of the company’s stock worth $290,189,000 after purchasing an additional 60,487 shares in the last quarter. Morgan Stanley lifted its stake in shares of Casey’s General Stores by 430.5% during the fourth quarter. Morgan Stanley now owns 1,141,475 shares of the company’s stock worth $256,090,000 after purchasing an additional 926,324 shares in the last quarter. Finally, Vontobel Asset Management Inc. boosted its position in shares of Casey’s General Stores by 4.3% in the first quarter. Vontobel Asset Management Inc. now owns 1,023,974 shares of the company’s stock worth $233,582,000 after buying an additional 42,589 shares during the period. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CASY. Benchmark reissued a “buy” rating and set a $275.00 price target on shares of Casey’s General Stores in a research note on Tuesday. Royal Bank of Canada upped their target price on Casey’s General Stores from $275.00 to $284.00 and gave the company a “sector perform” rating in a research note on Tuesday. SpectralCast reissued a “maintains” rating on shares of Casey’s General Stores in a research note on Thursday, June 8th. BMO Capital Markets lifted their price target on Casey’s General Stores from $270.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Credit Suisse Group upgraded shares of Casey’s General Stores from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $235.00 to $285.00 in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and a consensus price target of $273.11.

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.