Seven Eight Capital LP Buys New Position in Casey’s General Stores, Inc. (NASDAQ:CASY)

Seven Eight Capital LP purchased a new position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,068 shares of the company’s stock, valued at approximately $1,171,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jump Financial LLC bought a new stake in Casey’s General Stores during the fourth quarter worth approximately $302,000. Envestnet Portfolio Solutions Inc. boosted its stake in Casey’s General Stores by 11.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,609 shares of the company’s stock valued at $442,000 after buying an additional 171 shares in the last quarter. TrinityPoint Wealth LLC boosted its stake in Casey’s General Stores by 2.3% during the fourth quarter. TrinityPoint Wealth LLC now owns 2,807 shares of the company’s stock valued at $771,000 after buying an additional 63 shares in the last quarter. Norges Bank bought a new stake in Casey’s General Stores in the fourth quarter worth about $115,799,000. Finally, Coldstream Capital Management Inc. acquired a new stake in Casey’s General Stores in the 4th quarter valued at about $222,000. 85.63% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Thomas P. Brennan, Jr. sold 3,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $380.24, for a total transaction of $1,140,720.00. Following the completion of the sale, the insider now directly owns 9,044 shares in the company, valued at $3,438,890.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Darren M. Rebelez sold 13,500 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the transaction, the chief executive officer now owns 73,838 shares in the company, valued at approximately $27,655,284.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas P. Brennan, Jr. sold 3,000 shares of Casey’s General Stores stock in a transaction on Friday, September 6th. The shares were sold at an average price of $380.24, for a total transaction of $1,140,720.00. Following the completion of the sale, the insider now directly owns 9,044 shares of the company’s stock, valued at approximately $3,438,890.56. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CASY. Royal Bank of Canada lifted their price objective on shares of Casey’s General Stores from $393.00 to $403.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 5th. Evercore ISI upped their price target on Casey’s General Stores from $410.00 to $435.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Jefferies Financial Group raised their price objective on Casey’s General Stores from $342.00 to $445.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. StockNews.com lowered Casey’s General Stores from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. Finally, BMO Capital Markets increased their price target on Casey’s General Stores from $305.00 to $400.00 and gave the company a “market perform” rating in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and a consensus price target of $404.90.

Casey’s General Stores Stock Down 2.1 %

NASDAQ:CASY opened at $365.23 on Friday. The business’s fifty day moving average price is $374.68 and its 200 day moving average price is $346.81. The firm has a market capitalization of $13.55 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 2.58 and a beta of 0.80. The company has a current ratio of 0.84, a quick ratio of 0.44 and a debt-to-equity ratio of 0.44. Casey’s General Stores, Inc. has a 1-year low of $260.13 and a 1-year high of $401.07.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share for the quarter, beating analysts’ consensus estimates of $4.54 by $0.29. Casey’s General Stores had a return on equity of 17.07% and a net margin of 3.40%. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. On average, sell-side analysts forecast that Casey’s General Stores, Inc. will post 14.15 earnings per share for the current fiscal year.

Casey’s General Stores Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, November 1st. Casey’s General Stores’s dividend payout ratio (DPR) is currently 14.89%.

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.