Exploring Casey's General Stores, Inc. (CASY) Investor Profile: Who’s Buying and Why?

You've been tracking Casey's General Stores, Inc. (CASY) and probably noticed the stock's resilience, but are you clear on who is actually driving the buying pressure? The simple answer is that institutional money is piling in, with over 91.14% of the stock held by financial institutions, a defintely high concentration that signals serious conviction in the company's growth strategy, not just a quick trade. Why the confidence? Well, the company delivered a record fiscal year in 2025, hitting $15.9 billion in revenue and a strong $546.5 million in net income, translating to a diluted earnings per share (EPS) of $14.64. That performance, plus the aggressive expansion-acquiring or building 270 new stores, the most in company history-is why firms like Wellington Management Group LLP boosted their position by over 190% and JPMorgan Chase & Co. increased its stake by 42.0%. The smart money is betting on Casey's ability to execute its prepared food strategy and integrate those new locations effectively, but the question remains: are the risks of integration and margin pressure already priced into a stock with such high institutional backing?

Who Invests in Casey's General Stores, Inc. (CASY) and Why?

If you're looking at Casey's General Stores, Inc. (CASY), the direct takeaway is that this is a stock overwhelmingly favored by large, long-term institutional money, not a volatile retail play. The investment thesis is simple: consistent, defensive growth fueled by a strong Midwest market position and a reliable, growing dividend.

As a seasoned financial analyst, I see a clear picture: the vast majority of shares-around 85.63% as of the most recent data near November 2025-are held by institutional investors, including mutual funds and pension funds. That leaves a smaller, but still significant, portion for individual (retail) investors and company insiders. This high institutional ownership signals confidence in the company's stability and execution, but it also means the stock price can be sensitive to the large block trades of these major players.

Here's the quick math on who owns the company:

Investment Motivations: Stability, Growth, and a Solid Payout

The core attraction to Casey's General Stores, Inc. for these large investors boils down to three concrete factors: predictable growth, a strong market moat, and a dividend that actually grows. They aren't chasing a high-flying tech stock; they want a dependable cash flow generator in the consumer staples sector.

• Growth Prospects: The company is defintely executing on its three-year strategic plan, focusing on expansion. They plan to add approximately 270 stores to their network, which directly translates to future revenue growth. Inside same-store sales, which is a key metric for convenience stores, are forecasted to grow between 2% to 5%. That's a strong, steady clip for a mature retailer.
• Dividend Reliability: This is a major draw for income funds. Casey's General Stores, Inc. has increased its dividend for 26 consecutive years, a testament to its financial discipline. The Annual Dividend is currently about $2.28 per share, with a 1-year dividend growth rate of around 15.05%. Plus, the payout ratio is very low, at roughly 13.7% of earnings, meaning the dividend is incredibly safe with plenty of room for future increases.
• Market Position and Financial Strength: Casey's General Stores, Inc. dominates the convenience store landscape in its core Midwest markets. This stable market position provides a defensive quality to the stock. In the second quarter of fiscal year 2025 (Q2 FY2025), the company reported a Net Income of $181 million and Diluted Earnings Per Share (EPS) of $4.85, both up about 14% year-over-year. That kind of performance, even with a slight revenue dip due to lower fuel prices, shows the strength of their inside-store operations, where the Inside Gross Profit Margin hit an impressive 42.2%.

If you want to understand more about how this company built its resilience, you can check out its history and business model: Casey's General Stores, Inc. (CASY): History, Ownership, Mission, How It Works & Makes Money.

Investment Strategies: The Long Game and Value Hunting

Given the profile of the investors and the nature of the business, the strategies employed are generally conservative and long-term focused, though a recent uptick in hedge fund activity suggests some are looking for near-term gains from operational improvements and acquisitions.

• Long-Term Holding: Most institutional money, like The Vanguard Group and BlackRock, Inc., adopts a classic buy-and-hold strategy. They see Casey's General Stores, Inc. as a durable compounder-a company that consistently reinvests in its business and grows earnings over a decade, not a quarter. This strategy is predicated on the company's reliable performance and its status as a dividend aristocrat.
• Value Investing: A significant portion of the investing community is attracted by the idea that the stock may still be undervalued relative to its intrinsic worth, even after a strong run. For instance, some fair value estimates are near $585.85 per share, suggesting a potential upside from recent trading levels. Value investors are focused on the company's strong free cash flow of $160 million (Q2 FY2025) and its low debt-to-EBITDA leverage ratio of 2.3 times.
• Hedge Fund/Short-Term Trading: While not the dominant force, there's been a noticeable increase in hedge fund interest, with the number of funds holding the stock rising from 35 to 47 in the first half of 2025. These funds are often looking to capitalize on near-term catalysts, such as the successful integration of the Fikes acquisition and the subsequent realization of cost synergies and margin expansion. They are trading around the operational improvements.

What this estimate hides is the risk of acquisition integration; if onboarding new stores takes 14+ days to standardize operations, the projected margin gains could be delayed. Still, the long-term narrative remains strong.

Institutional Ownership and Major Shareholders of Casey's General Stores, Inc. (CASY)

If you're looking at Casey's General Stores, Inc. (CASY), the direct takeaway is that this is an institutionally-dominated stock, which signals high confidence in its operational stability and growth strategy. As of the latest filings (Q3 2025), a staggering 91.17% of the company's shares are held by institutional investors, like mutual funds and pension funds, not individual retail traders.

This level of institutional backing-nearly all of the float-means that the stock's day-to-day price movement and long-term trajectory are defintely dictated by the decisions of a few very large asset managers. It's a sign that the market views Casey's as a stable, quality name in the convenience store sector, which is why it's a core holding for many large, passive index funds.

Top Institutional Investors and Their CASY Holdings

The list of major shareholders in Casey's General Stores, Inc. reads like a who's who of global asset management. These aren't speculative hedge funds (though they are present); these are the massive, long-term players like Vanguard and BlackRock, Inc. who prioritize stable growth and inclusion in their index-tracking products. Their sheer size means their quarterly 13F filings are a critical piece of market intelligence for you.

Here's the quick math on the top holders and their share counts as of the end of the third quarter of 2025, reflecting the massive capital allocated to this name:

The total value of institutional holdings reached approximately $17.629 billion at the end of Q3 2025.

Recent Shifts: Who's Buying and Selling CASY Stock?

Looking at the recent changes in ownership provides a more nuanced view than just the static top-holder list. While the largest passive investors like Vanguard Group Inc. and BlackRock, Inc. showed only minor reductions in their holdings as of September 30, 2025, other active managers made more aggressive moves.

You saw some significant selling from names like Morgan Stanley, which cut its stake by -17.195% (a reduction of -275,986 shares), and T. Rowe Price Investment Management, Inc., which reduced its position by -321,359 shares. But, still, the net flow wasn't all one way.

• Vontobel Holding Ltd. was a strong buyer, increasing its stake by over 129%, adding 502,104 shares.
• Victory Capital Management Inc. also showed conviction, boosting its position by 206,777 shares.
• The number of hedge funds holding Casey's General Stores, Inc. actually increased from 35 to 47 portfolios by the end of the second quarter of 2025, signaling greater institutional confidence in the active investment community.

This mixed activity tells you that while some large funds are trimming positions for portfolio rebalancing or profit-taking after the stock's strong run-it was trading near its 52-week high of $531.24 in September 2025-a core group of active managers is still buying in. Casey's General Stores, Inc. (CASY): History, Ownership, Mission, How It Works & Makes Money

The Role of Large Investors in Casey's Strategy

Institutional investors are more than just share counters; they are the primary audience for the company's strategic roadmap. Their confidence is directly tied to Casey's General Stores, Inc.'s ability to execute on its 'food-forward' strategy and expansion plans. The company's strong fiscal year 2025 performance-with diluted EPS rising 9% to $14.64 and EBITDA jumping 13% to $1.2 billion-is what keeps these big players invested.

What this estimate hides is the power of passive funds. Since so much of the ownership is tied up in index funds, the stock has a built-in demand floor. The active managers who are buying, like Vontobel, are betting that the company's plan to add approximately 500 stores through new builds and acquisitions through FY2026 will continue to drive EBITDA growth in the 8-10% annual range. This collective institutional vote of confidence supports the stock price and gives management the capital and mandate to pursue its aggressive growth targets. It's a powerful feedback loop.

Key Investors and Their Impact on Casey's General Stores, Inc. (CASY)

If you're looking at Casey's General Stores, Inc. (CASY), you're looking at a stock where the big money has a huge say. Institutional investors-the mutual funds, pension funds, and hedge funds-own a significant chunk, with their total ownership sitting at roughly 85.63% of the company's stock. This high concentration means that when a few major funds make a move, the stock price defintely feels it.

The core takeaway here is that the company's strategic direction, particularly its aggressive acquisition strategy, is heavily validated by these institutional buyers, which is why the stock has performed so well.

The Heavy Hitters: Who's Buying and Why

The investor profile for Casey's General Stores, Inc. in fiscal year 2025 shows a clear trend: major asset managers are aggressively increasing their exposure, signaling deep conviction in the company's growth strategy, especially its expansion into prepared foods and new markets. The big funds are essentially betting on the company's ability to execute its three-year strategic plan, which targets adding approximately 500 stores by the end of fiscal year 2026.

Here's a quick look at the most notable activity in the first quarter of 2025:

• Wellington Management Group LLP: Boosted its position by a massive 190.6%.
• JPMorgan Chase & Co.: Increased its stake by a strong 42.0%.
• Third Point LLC: Acquired a new stake valued at over $130 million.

These aren't minor adjustments; these are huge, conviction-based moves. When a fund like Wellington Management Group LLP grows its position to 1,244,311 shares, valued at over $540,081,000, it tells you they believe in the long-term earnings power, not just a quick trade.

Recent Moves and the Money Trail

The recent buying activity by these major funds is directly tied to the company's strong fiscal 2025 performance. The firm reported record earnings, with full-year diluted earnings per share (EPS) climbing 9% to $14.64, and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rising 13.3% to $1.2 billion. The funds are simply following the cash flow.

Here's the quick math: Strong operational results-like the 10.9% growth in inside sales and the 14% increase in the quarterly dividend to $0.57 per share-make the stock a compelling 'growth at a reasonable price' (GARP) play for large institutional mandates.

Investor Influence: Beyond the Share Count

When institutional ownership is this high, their influence extends far beyond just moving the stock price. They are the primary audience for management's strategic updates and capital allocation decisions. The company's decision to increase its dividend for the 26th consecutive year, raising it by 14%, is a clear signal to these long-term holders that management is committed to both growth and shareholder returns.

You also see influence in the governance space. While not a major financial activist pushing for a sale or breakup, the company has faced pressure from shareholder advocacy groups like As You Sow regarding its environmental, social, and corporate governance (ESG) disclosures, particularly around climate-related risks and a lack of greenhouse gas reduction targets. This kind of engagement, even from non-financial activists, forces management to address long-term, non-financial risks that can impact future cash flows and valuation, which is something every investor needs to track. It's a subtle but important form of investor oversight.

If you want to dig deeper into the fundamentals that are attracting this capital, check out Breaking Down Casey's General Stores, Inc. (CASY) Financial Health: Key Insights for Investors.

Next Step: Review the latest 13F filings from these top institutional holders to see if the Q3 2025 trend of accumulation continued, especially from the new entrants like Third Point LLC.

Market Impact and Investor Sentiment

If you're looking at Casey's General Stores, Inc. (CASY), the dominant sentiment among major shareholders is defintely positive, leaning toward a conviction 'Buy' rather than just a cautious 'Hold.' This isn't based on hype; it's grounded in the company's consistent execution, especially their food-first strategy. Institutional investors-the big money like mutual funds and pension funds-own a substantial portion of the company, with institutional ownership recently sitting around 88.1% to 91.17% of the stock.

This high ownership percentage, plus a notable increase in hedge fund portfolios holding Casey's General Stores, Inc. (CASY)-rising from 35 to 47 by the end of the second quarter of 2025-signals a greater institutional confidence that sets the company apart from many of its sector peers. It tells me the smart money believes in the long-term growth story, particularly the prepared foods segment, which you can read more about in Casey's General Stores, Inc. (CASY): History, Ownership, Mission, How It Works & Makes Money.

The Market's Reaction to Ownership Shifts

The stock market has responded favorably to the institutional tailwind and management's strategic moves. The stock price has been on a strong uptrend, climbing more than 200% over the last four years. A key move was the $1.15 billion all-cash acquisition of Fikes Wholesale (CEFCO) in 2024. The company paused its share repurchases in fiscal year 2025 to fund this, a prudent move that kept the balance sheet healthy. The market saw this as a smart, self-funded expansion, and the acquisition is already proving to be accretive (additive) to earnings, which is the best outcome you can hope for.

In terms of recent activity, the September 2025 quarterly earnings release showed the strategy is working. Casey's General Stores, Inc. (CASY) reported earnings per share (EPS) of $5.77, which handily topped the analyst consensus of $5.02. Revenue for the quarter was $4.57 billion, an increase of 11.5% year-over-year, and the stock reacted with analyst price targets immediately increasing. That's a clear signal that the market rewards operational excellence and smart capital allocation.

Here's a quick look at the institutional activity that provides a tailwind for the stock:

• Wellington Management Group LLP boosted its position by 190.6% in Q1 2025.
• JPMorgan Chase & Co. increased its stake by 42.0% in Q1 2025.
• Insider buying, like the purchases by a board member in early 2025, also highlighted the stock as a buying opportunity.

Analyst Perspectives: Why the Price Targets are Rising

Wall Street analysts are generally bullish, assigning a consensus rating of 'Moderate Buy.' The average 12-month price target is around $564.00 to $565.78, which implies an upside of about 3% from recent trading levels. However, the most recent ratings are even more optimistic.

For example, in October 2025, Evercore ISI Group boosted their price target to $585.00, and Wells Fargo set a high target of $610.00. This rising consensus target isn't just a reaction to a single quarter; it reflects confidence in the company's ability to drive inside same-store sales growth, which is forecasted to be between 2% and 5%.

The core of the bullish view is the strong financial health and growth momentum, as seen in the company's fiscal year 2025 performance:

What this estimate hides is the potential for an accelerated return to capital allocation, specifically the resumption of share buybacks in fiscal year 2026, which would provide another boost to EPS. The balance sheet is strong-shareholder equity was over $3.5 billion at the end of fiscal year 2025, and leverage remains low. So, the institutional buying is a bet on consistent growth, smart acquisitions, and a return to shareholder-friendly capital returns.