ANKENY, Iowa - Casey’s General Stores, Inc. (NASDAQ:CASY), a prominent convenience retailer and pizza chain in the United States, has announced the upcoming addition of Maria Castañón Moats to its Board of Directors, effective July 1, 2024. Castañón Moats, retiring from PricewaterhouseCoopers, LLP (PwC) on June 30, 2024, will increase the number of directors from ten to eleven.
Castañón Moats brings over three decades of public accounting experience and has held significant leadership roles at PwC, including assurance services and corporate governance. As a partner and the leader of PwC’s Governance Insights Center, she has a history of providing accounting, financial reporting, and M&A services to a range of clients in the retail and consumer products sectors.
Her previous roles at PwC include Vice-Chair, Mexico & US Assurance Leader, where she managed the firm's national assurance practice, and Chief Diversity Officer. Darren Rebelez, Casey’s Board Chair, President, and CEO, expressed enthusiasm for the skills and expertise Castañón Moats will contribute to the board, emphasizing the anticipated benefits to the company and its shareholders.
Castañón Moats is a Certified Public Accountant licensed in Texas and New York, is fluent in Spanish, and holds a BBA in Accounting from The University of Texas at El Paso.
Casey’s operates over 2,600 convenience stores across the United States, making it the third-largest convenience store retailer and the fifth-largest pizza chain in the country. The company, founded over 50 years ago, is known for its freshly prepared foods, quality fuel, and friendly service. The addition of Castañón Moats to the board is expected to further strengthen Casey’s governance and financial oversight as the company continues to serve communities with its convenience store and food offerings.
In other recent news, Casey's General (NASDAQ:CASY) Stores reported a decrease in diluted earnings per share (EPS) to $2.33 for the third quarter of fiscal year 2024, marking a 13% decline from the previous year. However, the company saw an increase in same-store sales for prepared food and dispensed beverage by 7.5%, and grocery and general merchandise sales by 2.8%. Evercore ISI maintained a positive outlook on Casey's, reaffirming an Outperform rating with a steady price target of $370.00, and highlighted the potential for growth through mergers and acquisitions. Analysts from BMO (TSX:BMO) Capital Markets and RBC (TSX:RY) Capital Markets have assigned a "Market Perform" and "Sector Perform" rating respectively, with a target price of $305.
Casey's has expanded into its 17th state with plans to add 350 stores by the end of fiscal 2026, indicating a strong growth trajectory. Evercore ISI also noted the company's unique position in the market, emphasizing the appeal of its quick and appealing prepared meals as a key factor driving customer traffic. These are the recent developments for Casey's General Stores.
InvestingPro Insights
As Casey's General Stores welcomes Maria Castañón Moats to its Board of Directors, the company's financial health and market performance continue to be of interest to investors and stakeholders. According to recent data from InvestingPro, Casey's boasts a robust market capitalization of $12.07 billion, reflecting its significant presence in the convenience store sector.
InvestingPro Tips highlight that Casey's has maintained a commendable track record by raising its dividend for 24 consecutive years, showcasing its commitment to returning value to shareholders. This consistency is further underscored by the fact that the company has maintained dividend payments for an impressive 35 consecutive years. Such a long-standing dividend history may be particularly appealing to investors looking for stable income-generating stocks.
From a valuation standpoint, Casey's is trading at a high P/E ratio of 25.91, which suggests investors are expecting higher earnings in the future. However, this optimism must be balanced with caution as four analysts have revised their earnings downwards for the upcoming period. This could indicate potential challenges ahead that may affect the company's performance.
Investors seeking further insights into Casey's and the convenience retail sector can find additional InvestingPro Tips by visiting https://www.investing.com/pro/CASY. With 11 more tips available, users can deepen their understanding of the company's financial nuances. For those interested in a comprehensive analysis, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription on InvestingPro, where they can access detailed metrics and expert commentary.
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