Casey’s General Stores (CASY) to Repurchase $300.00 million in Shares

Casey’s General Stores (NASDAQ:CASY) declared that its Board of Directors has approved a stock buyback program, which allows the company to buyback $300.00 million in shares on Wednesday, March 7th. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Several brokerages have weighed in on CASY. Zacks Investment Research cut Casey’s General Stores from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Wells Fargo increased their target price on Casey’s General Stores from $105.00 to $118.00 and gave the stock a “market perform” rating in a research note on Thursday, January 4th. Jefferies Group reissued a “buy” rating and issued a $136.00 target price on shares of Casey’s General Stores in a research note on Thursday, March 8th. Barclays reissued a “hold” rating on shares of Casey’s General Stores in a research note on Friday, December 15th. Finally, Raymond James Financial cut Casey’s General Stores from an “outperform” rating to a “mkt perform” rating in a research report on Tuesday, December 12th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $123.18.

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Shares of NASDAQ CASY traded down $0.57 during trading on Monday, hitting $109.20. The company had a trading volume of 418,416 shares, compared to its average volume of 454,805. The company has a quick ratio of 0.48, a current ratio of 1.03 and a debt-to-equity ratio of 0.98. Casey’s General Stores has a 12 month low of $99.76 and a 12 month high of $128.51. The company has a market capitalization of $4,120.34, a P/E ratio of 24.38, a price-to-earnings-growth ratio of 2.15 and a beta of 0.59.

Casey’s General Stores (NASDAQ:CASY) last issued its 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 business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.05 billion. Casey’s General Stores had a net margin of 4.03% and a return on equity of 12.70%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period last year, the business posted $0.58 EPS. research analysts anticipate that Casey’s General Stores will post 4.07 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Tuesday, May 1st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.95%. The ex-dividend date is Monday, April 30th. Casey’s General Stores’s dividend payout ratio is presently 23.21%.

In related news, Director David K. Lenhardt bought 2,300 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was purchased at an average price of $111.24 per share, for a total transaction of $255,852.00. Following the acquisition, the director now owns 2,300 shares in the company, valued at $255,852. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Terry W. Handley sold 1,342 shares of Casey’s General Stores stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $110.65, for a total value of $148,492.30. Following the completion of the transaction, the insider now owns 29,331 shares of the company’s stock, valued at approximately $3,245,475.15. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

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Casey’s General Stores Company Profile

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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