Reason for the Outperformance of Casey’s General Stores (CASY)
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. The strategy outperformed its benchmark, the Russell Midcap Index, in the quarter. The strategy gained across two of the 11 sectors in which it was invested on an absolute basis. Financials and energy sectors were the leading contributors, while the healthcare sector detracted. Overall stock selection effects contributed favorably to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy highlighted stocks like Casey’s General Stores, Inc. (NASDAQ:CASY) in the third quarter 2023 investor letter. Headquartered in Ankeny, Iowa, Casey’s General Stores, Inc. (NASDAQ:CASY) is a convenience store. On December 8, 2023, Casey’s General Stores, Inc. (NASDAQ:CASY) stock closed at $268.01 per share. One-month return of Casey’s General Stores, Inc. (NASDAQ:CASY) was -3.98%, and its shares gained 9.23% of their value over the last three months. Casey’s General Stores, Inc. (NASDAQ:CASY) has a market capitalization of $9.988 billion.
ClearBridge Mid Cap Strategy made the following comment about Casey’s General Stores, Inc. (NASDAQ:CASY) in its third 2023 investor letter:
"The Strategy’s consumer staples holdings also fared well. One of our top performers was Casey’s General Stores, Inc. (NASDAQ:CASY), which operates convenience stores and gas stations. The company continues to drive greater growth and improve internal performance through the expansion of its private label offerings, while a cooling labor market has helped alleviate wage pressures on margins. By deliberately focusing its geographic footprint on smaller communities, the company has high market share in the regions it serves as well as pricing power, which we believe will continue to be long-term earnings drivers."
An aisle lined with shelves of fresh and frozen foods in a supermarket store.
Casey’s General Stores, Inc. (NASDAQ:CASY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Casey’s General Stores, Inc. (NASDAQ:CASY) at the end of third quarter which was 21 in the previous quarter.
We discussed Casey’s General Stores, Inc. (NASDAQ:CASY) in another article and shared TimesSquare Capital U.S. Mid Cap Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
