Casey’s General Stores (NASDAQ:CASY) Shares Gap Down on Analyst Downgrade

Casey’s General Stores, Inc. (NASDAQ:CASY)’s share price gapped down before the market opened on Wednesday after Royal Bank of Canada lowered their price target on the stock from $232.00 to $217.00. The stock had previously closed at $214.76, but opened at $202.21. Royal Bank of Canada currently has a sector perform rating on the stock. Casey’s General Stores shares last traded at $203.75, with a volume of 3,013 shares.

CASY has been the topic of several other reports. Raymond James reaffirmed a “market perform” rating on shares of Casey’s General Stores in a research report on Tuesday, April 13th. Stephens increased their target price on Casey’s General Stores from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, June 4th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Casey’s General Stores from $220.00 to $217.00 in a research report on Wednesday, March 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $213.73.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Asset Advisory Services LLC acquired a new stake in shares of Casey’s General Stores during the fourth quarter valued at about $34,000. Allred Capital Management LLC acquired a new position in Casey’s General Stores in the first quarter worth about $44,000. Eaton Vance Management acquired a new position in Casey’s General Stores in the first quarter worth about $46,000. Column Capital Advisors LLC acquired a new position in Casey’s General Stores in the first quarter worth about $51,000. Finally, Signaturefd LLC grew its stake in Casey’s General Stores by 43.6% in the first quarter. Signaturefd LLC now owns 270 shares of the company’s stock worth $58,000 after purchasing an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 86.71% of the company’s stock.

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 0.81. The stock has a 50 day moving average price of $219.94. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 22.98 and a beta of 0.88.

Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Monday, June 7th. The company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.24. Casey’s General Stores had a return on equity of 18.65% and a net margin of 4.09%. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the company earned $1.67 earnings per share. The firm’s quarterly revenue was up 31.2% compared to the same quarter last year. Sell-side analysts forecast that Casey’s General Stores, Inc. will post 7.98 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 16th. Investors of record on Monday, August 2nd will be issued a dividend of $0.34 per share. The ex-dividend date is Friday, July 30th. This represents a $1.36 annualized dividend and a yield of 0.66%. Casey’s General Stores’s payout ratio is 19.15%.

About Casey’s General Stores (NASDAQ:CASY)

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. The company's stores offer a selection of food, including freshly prepared foods, such as pizza, donuts, and sandwiches; beverages, tobacco, and nicotine products; health and beauty aids; automotive products; and other nonfood items.

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