Bessemer Group Inc. has significantly reduced its stake in Casey’s General Stores, Inc. (NASDAQ:CASY), selling 906 shares and leaving it with only 196 shares, a reduction of 82.2% during the second quarter of 2023. According to the company’s latest 13F filing with the Securities and Exchange Commission, Bessemer’s holdings in Casey’s were valued at approximately $100,000 at the end of the reporting period.
Other institutional investors have also adjusted their positions in Casey’s General Stores recently. Summit Securities Group LLC acquired a new stake worth about $32,000 in the first quarter. Iron Horse Wealth Management LLC increased its position by 40.0%, now holding 91 shares valued at $40,000 after acquiring an additional 26 shares. Caitong International Asset Management Co. Ltd and WPG Advisers LLC also purchased new stakes, with respective positions worth $42,000 and $47,000. Notably, Thurston Springer Miller Herd & Titak Inc. boosted its stake by 242.9% in the second quarter, now owning 96 shares valued at $49,000. Currently, approximately 85.63% of Casey’s stock is held by hedge funds and other institutional investors.
Analysts Weigh In on Casey’s Prospects
Several equity analysts have recently updated their assessments of Casey’s General Stores. The Goldman Sachs Group raised its price target for the stock from $450.00 to $490.00, maintaining a “neutral” rating as of September 10, 2023. Similarly, BMO Capital Markets increased its price objective from $515.00 to $540.00, also rating the stock as “market perform.” Weiss Ratings reaffirmed a “buy (b)” rating, while Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. Evercore ISI also raised its price target from $580.00 to $585.00, giving it an “outperform” rating. Overall, one analyst has assigned a “Strong Buy” rating, while eight others have issued a “Buy” rating, and three have designated it as a “Hold.” According to MarketBeat.com, the consensus price target for Casey’s stands at $551.78, indicating a generally optimistic outlook.
Insider Transactions and Stock Performance
In related news, insider Chad Michael Frazell sold 3,487 shares on September 29, 2023, at an average price of $555.40, totaling approximately $1.94 million. Following this sale, Frazell retains 7,993 shares valued at around $4.44 million, marking a 30.37% decrease in his ownership. Company insiders collectively own 0.54% of the stock.
As of Wednesday, shares of Casey’s General Stores opened at $522.95. The company boasts a market capitalization of $19.44 billion, a price-to-earnings ratio of 33.57, and a beta of 0.68. Over the past year, the stock has fluctuated between a low of $372.08 and a high of $572.18. The business reports a debt-to-equity ratio of 0.65, indicating manageable leverage, alongside a current ratio of 1.03 and a quick ratio of 0.61.
Casey’s General Stores released its quarterly earnings data on September 8, 2023, reporting earnings per share (EPS) of $5.77, surpassing the consensus estimate of $5.02 by $0.75. The company’s revenue for the quarter reached $4.57 billion, exceeding analysts’ expectations of $4.47 billion. This represented an 11.5% year-over-year revenue increase, compared to $4.83 EPS in the same quarter the previous year. Analysts project an EPS of $13.94 for the current fiscal year.
The company has also announced a quarterly dividend of $0.57 per share, payable on November 14, 2023, to shareholders of record on November 1, 2023. This dividend translates to an annualized total of $2.28, resulting in a dividend yield of 0.4%. The ex-dividend date for this payment is set for October 31, 2023, with a dividend payout ratio of 14.63%.
Casey’s General Stores, Inc. operates a network of convenience stores and gasoline stations, providing a variety of grocery items, self-service gasoline, and freshly prepared food offerings.
