State of Michigan Retirement System Has $2.91 Million Stock Holdings in Casey’s General Stores, Inc. (NASDAQ:CASY)

State of Michigan Retirement System grew its position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,121 shares of the company’s stock after purchasing an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Casey’s General Stores were worth $2,905,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Casey’s General Stores by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 23,054 shares of the company’s stock valued at $7,342,000 after purchasing an additional 407 shares in the last quarter. Burns J W & Co. Inc. NY acquired a new stake in shares of Casey’s General Stores during the first quarter valued at about $243,000. WD Rutherford LLC boosted its stake in shares of Casey’s General Stores by 99.9% during the first quarter. WD Rutherford LLC now owns 6,476 shares of the company’s stock valued at $2,062,000 after purchasing an additional 3,236 shares in the last quarter. Capital Insight Partners LLC boosted its stake in shares of Casey’s General Stores by 9.9% during the first quarter. Capital Insight Partners LLC now owns 17,836 shares of the company’s stock valued at $5,680,000 after purchasing an additional 1,608 shares in the last quarter. Finally, Pinnacle Bancorp Inc. boosted its stake in shares of Casey’s General Stores by 61.1% during the first quarter. Pinnacle Bancorp Inc. now owns 232 shares of the company’s stock valued at $74,000 after purchasing an additional 88 shares in the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Casey’s General Stores Price Performance

Casey’s General Stores stock opened at $370.26 on Thursday. The stock has a market capitalization of $13.74 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 2.76 and a beta of 0.80. Casey’s General Stores, Inc. has a 52-week low of $238.44 and a 52-week high of $389.43. The stock’s 50 day moving average price is $344.82 and its two-hundred day moving average price is $311.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.42 and a current ratio of 0.87.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Tuesday, June 11th. The company reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.64. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Casey’s General Stores had a return on equity of 17.25% and a net margin of 3.38%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.49 EPS. On average, equities analysts predict that Casey’s General Stores, Inc. will post 14.2 earnings per share for the current year.

Casey’s General Stores Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.54%. This is a positive change from Casey’s General Stores’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, August 1st. Casey’s General Stores’s dividend payout ratio is presently 12.81%.

Wall Street Analysts Forecast Growth

CASY has been the topic of a number of recent analyst reports. Northcoast Research lowered Casey’s General Stores from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 15th. Evercore ISI cut their price objective on Casey’s General Stores from $350.00 to $345.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 16th. BMO Capital Markets lifted their price objective on Casey’s General Stores from $305.00 to $400.00 and gave the stock a “market perform” rating in a research note on Thursday, June 13th. Royal Bank of Canada lifted their price objective on Casey’s General Stores from $322.00 to $361.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 12th. Finally, StockNews.com lowered Casey’s General Stores from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 20th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and a consensus price target of $380.11.

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.