Swiss National Bank has increased its holdings in Casey’s General Stores, Inc. (NASDAQ: CASY) by 1.7% during the third quarter of 2023. According to its recent filing with the Securities and Exchange Commission (SEC), the bank now owns 72,087 shares of the company, having acquired an additional 1,200 shares during this period. This investment amounts to approximately $40.75 million, representing about 0.19% of Casey’s General Stores.
Several other institutional investors have also adjusted their positions in Casey’s General Stores. Vontobel Holding Ltd. significantly boosted its stake by 129.1% during the third quarter, now owning 890,884 shares valued at $503.64 million following the purchase of an additional 502,104 shares. Norges Bank entered the scene with a new stake valued at $210.15 million during the second quarter, while Victory Capital Management Inc. increased its position by 35.4%, now holding 791,415 shares worth $447.40 million after acquiring an extra 206,777 shares.
Invesco Ltd. also expanded its stake by 71.7% in the second quarter, bringing its total to 483,907 shares valued at $246.92 million. Lastly, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake by an impressive 4,224.4%, owning 174,705 shares worth $89.15 million after purchasing an additional 170,665 shares. Overall, institutional investors and hedge funds now own 85.63% of Casey’s General Stores.
In related developments, Director Moats Maria Castanon acquired 300 shares of the company on January 5, 2024, at an average price of $554.66 per share, totaling $166,398. Following this transaction, Castanon’s ownership rose to 803 shares, valued at approximately $445,391.98. On the other hand, insider Katrina S. Lindsey sold 200 shares on March 11, 2024, at an average price of $683.04, amounting to $136,608. After the sale, Lindsey directly owned 4,039 shares, valued at around $2.76 million. Currently, 0.54% of the stock is owned by insiders.
Market Performance and Analyst Insights
Shares of Casey’s General Stores traded down by $2.97 during midday trading on Friday, reaching $670.85. A total of 75,790 shares changed hands, compared to the average volume of 410,352. The company has recorded a 52-week low of $381.33 and a 52-week high of $696.66. Financial metrics indicate a quick ratio of 0.65, a current ratio of 1.04, and a debt-to-equity ratio of 0.61. Casey’s General Stores boasts a market capitalization of $24.79 billion, a price-to-earnings ratio of 38.53, and a price-to-earnings-growth ratio of 2.31.
The company’s latest quarterly earnings report, released on March 9, 2024, revealed earnings per share of $3.49, surpassing the consensus estimate of $2.94 by $0.55. Revenue for the quarter was $3.92 billion, slightly below analyst expectations of $4.08 billion. Year-on-year, Casey’s General Stores reported a 0.3% increase in revenue compared to the same quarter last year, when it earned $2.33 per share.
Dividend Announcement and Company Profile
Casey’s General Stores has announced a quarterly dividend of $0.57, payable on May 15, 2024. Stockholders on record as of May 1, 2024, will receive this dividend, which represents an annualized amount of $2.28 and yields 0.3%. The company has a payout ratio of 13.09%.
Founded in 1959 in Boone, Iowa, Casey’s General Stores, Inc. operates a network of convenience stores that provide retail fuel stations alongside food-focused convenience outlets. The company has evolved from a single neighborhood store into a prominent regional operator, offering a mix of fuel, packaged goods, and fresh food options. Its stores typically feature gasoline and diesel, grocery essentials, grab-and-go items, and made-to-order foodservice, reflecting the changing needs of modern consumers.
