Zacks Investment Research downgraded shares of Casey's General Stores (NASDAQ:CASY) from a buy rating to a hold rating in a report issued on Monday morning.
According to Zacks, “Casey’s General Stores, Inc. and its wholly owned subsidiaries operate convenience stores under the names Casey’s and Casey’s General Store. The Company also operates two stores under the name Tobacco City, selling primarily tobacco products, and one grocery store. The Casey’s stores carry a broad selection of food (including freshly prepared foods such as pizza, donuts, and sandwiches), beverages, tobacco products, health and beauty aids, automotive products, and other nonfood items. In addition, all but two stores offer fuel for sale on a self-service basis. Casey’s General Stores Inc. is a chain of convenience stores. Casey’s operates its own distribution centers, delivering approximately 90% of in-store products as well as approximately 75% of the fuel sold at own stores. “
Several other research firms also recently issued reports on CASY. BMO Capital Markets set a $122.00 price target on Casey's General Stores and gave the stock a hold rating in a research note on Wednesday, January 24th. BidaskClub downgraded Casey's General Stores from a strong-buy rating to a buy rating in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed a hold rating on shares of Casey's General Stores in a research note on Friday, December 8th. Raymond James Financial reissued a market perform rating on shares of Casey's General Stores in a research note on Wednesday, December 6th. Finally, Stephens set a $150.00 target price on shares of Casey's General Stores and gave the company a buy rating in a research note on Friday, January 12th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $123.18.
Casey's General Stores (NASDAQ:CASY) last released its quarterly earnings results on Wednesday, March 7th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.14). The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.05 billion. Casey's General Stores had a return on equity of 12.70% and a net margin of 4.03%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm earned $0.58 EPS. research analysts forecast that Casey's General Stores will post 4.08 earnings per share for the current fiscal year.
Casey's General Stores declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Tuesday, May 1st will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.93%. The ex-dividend date is Monday, April 30th. Casey's General Stores’s payout ratio is 12.12%.
In other news, Director Cara Kay Heiden bought 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The stock was purchased at an average price of $109.77 per share, with a total value of $439,080.00. Following the purchase, the director now owns 5,043 shares of the company’s stock, valued at approximately $553,570.11. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CASY. Prime Capital Investment Advisors LLC purchased a new stake in Casey's General Stores in the 4th quarter valued at about $105,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Casey's General Stores in the 4th quarter valued at about $133,000. Zions Bancorporation purchased a new stake in Casey's General Stores in the 3rd quarter valued at about $164,000. Aristotle Atlantic Partners LLC purchased a new stake in Casey's General Stores in the 4th quarter valued at about $204,000. Finally, Franklin Resources Inc. purchased a new stake in Casey's General Stores in the 4th quarter valued at about $222,000. 98.04% of the stock is owned by hedge funds and other institutional investors.
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About Casey's General Stores
Casey’s General Stores, Inc and its subsidiaries, operate convenience stores under the name Casey’s General Store in approximately 10 Midwestern states, in Iowa, Missouri, and Illinois. The Company also operates approximately two stores selling primarily tobacco products. The stores carry a range of food, including freshly prepared foods such as pizza, donuts, and sandwiches, beverages, tobacco products, health and beauty aids, automotive products and other nonfood items.
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