Wells Fargo & Company Raises Casey’s General Stores (NASDAQ:CASY) Price Target to $425.00

Casey’s General Stores (NASDAQ:CASY) had its target price upped by Wells Fargo & Company from $415.00 to $425.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Benchmark restated a buy rating and set a $410.00 price target on shares of Casey’s General Stores in a report on Tuesday, September 3rd. Northcoast Research upgraded Casey’s General Stores from a neutral rating to a buy rating and set a $410.00 price target for the company in a report on Thursday, July 11th. BMO Capital Markets raised their price target on Casey’s General Stores from $305.00 to $400.00 and gave the company a market perform rating in a report on Thursday, June 13th. StockNews.com cut Casey’s General Stores from a strong-buy rating to a buy rating in a report on Saturday, August 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Casey’s General Stores from $298.00 to $300.00 and gave the stock a neutral rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $401.20.

Casey’s General Stores Stock Performance

NASDAQ CASY opened at $373.82 on Friday. The firm has a market cap of $13.87 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 2.52 and a beta of 0.80. The company has a quick ratio of 0.42, a current ratio of 0.87 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $373.57 and a 200-day moving average price of $342.93. Casey’s General Stores has a twelve month low of $238.44 and a twelve month high of $401.07.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share for the quarter, beating the consensus estimate of $4.54 by $0.29. The business had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Casey’s General Stores had a return on equity of 17.25% and a net margin of 3.38%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $4.52 EPS. As a group, equities research analysts predict that Casey’s General Stores will post 14.06 EPS for the current fiscal year.

Casey’s General Stores Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend is Friday, November 1st. Casey’s General Stores’s payout ratio is currently 14.89%.

Hedge Funds Weigh In On Casey’s General Stores

A number of large investors have recently bought and sold shares of CASY. Norges Bank purchased a new position in Casey’s General Stores during the 4th quarter valued at $115,799,000. Congress Asset Management Co. MA purchased a new position in Casey’s General Stores during the 1st quarter valued at $112,081,000. Point72 Asset Management L.P. raised its position in Casey’s General Stores by 561.7% during the 4th quarter. Point72 Asset Management L.P. now owns 273,168 shares of the company’s stock valued at $75,050,000 after purchasing an additional 231,887 shares in the last quarter. Millennium Management LLC raised its position in Casey’s General Stores by 3,846.1% during the 2nd quarter. Millennium Management LLC now owns 172,320 shares of the company’s stock valued at $65,750,000 after purchasing an additional 176,920 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Casey’s General Stores by 113.0% during the 1st quarter. Principal Financial Group Inc. now owns 291,838 shares of the company’s stock valued at $92,936,000 after purchasing an additional 154,803 shares in the last quarter. Hedge funds and other institutional investors own 85.63% of the company’s stock.

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.