Insider Alert: 8,000 Casey’s Shares Sold by COO at Avg $508

Rhea-AI Filing Summary

Casey’s General Stores (NASDAQ: CASY) filed a Form 4 disclosing that Chief Operating Officer Ena Koschel Williams sold a total of 8,000 common shares on 17 June 2025. The shares were disposed of in six open-market trades at weighted-average prices ranging from $506.32 to $511.96, generating roughly $4.1 million in gross proceeds.

After the sales, Williams’ direct ownership fell from 26,059 shares to 18,059 shares, a decline of approximately 31%. She also reports 381 indirectly-held shares in the company’s 401(k) plan and 3,337 unvested restricted stock units granted under the 2018 Stock Incentive Plan. No new awards, option exercises, or acquisitions were reported.

The filing does not indicate that the transactions were executed under a Rule 10b5-1 trading plan, and no check box was marked to show a change in Section 16 status. Each weighted-average price reflects multiple individual trades within the stated price bands, as detailed in the explanatory footnotes.

Positive

• None.

Negative

• Chief Operating Officer sold 8,000 CASY shares (~31% of direct holdings) for approximately $4.1 million, reducing insider ownership and potentially signaling weaker confidence.

Insights

Insider Transaction Analyst

TL;DR: COO unloads $4 M in stock, trimming direct stake by ~31%; sentiment headwind.

The Form 4 reveals a sizable divestiture—8,000 shares—by Casey’s Chief Operating Officer at an average price near $508. This equates to roughly $4.1 million in proceeds and represents more than one-third of her prior direct holdings, a level that typically exceeds routine liquidity selling thresholds. Because the transaction was not flagged as a Rule 10b5-1 trade, investors may view the timing as discretionary, potentially signaling tempered insider confidence. Although the executive retains 18,059 shares plus 3,337 unvested RSUs, the magnitude and single-day nature of the sale are likely to be interpreted negatively in the short term. No operational or strategic rationale is provided, and fundamentals remain unchanged, so the impact is primarily on market sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Koschel Williams Ena

(Last) (First) (Middle)

ONE SE CONVENIENCE BLVD.

(Street)

ANKENY IA 50021

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASEYS GENERAL STORES INC [ CASY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/17/2025		S		1,534	D	$506.32(1)	24,525	D
Common Stock	06/17/2025		S		2,983	D	$507.55(2)	21,542	D
Common Stock	06/17/2025		S		2,209	D	$508.06(3)	19,333	D
Common Stock	06/17/2025		S		589	D	$509.9(4)	18,744	D
Common Stock	06/17/2025		S		376	D	$511.17(5)	18,368	D
Common Stock	06/17/2025		S		309	D	$511.96(6)	18,059	D
Common Stock								381(7)	I	Voting and tender rights under 401k plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted stock units	(8)							(9)	(9)	Common Stock	676		676	D
Restricted stock units	(8)							(10)	(10)	Common Stock	1,072		1,072	D
Restricted stock units	(8)							(11)	(11)	Common Stock	1,589		1,589	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $505.95 to $506.77. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. This transaction was executed in multiple trades at prices ranging from $507.08 to $508.03. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. This transaction was executed in multiple trades at prices ranging from $508.13 to $509.12. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed in multiple trades at prices ranging from $509.46 to $510.37. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed in multiple trades at prices ranging from $510.75 to $511.55. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed in multiple trades at prices ranging from $511.77 to $512.47. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

7. Allocated to 401k plan account as of April 30, 2025. Does not include any shares allocated by the plan trustee after that date.

8. Each restricted stock unit represents the right to receive, following vesting, one share of Common Stock.

9. Pursuant to terms and conditions of 2018 Stock Incentive Plan. The remainder of this award will vest on June 15, 2026. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2026, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

10. Pursuant to the terms and conditions of the 2018 Stock Incentive Plan. The remainder of this award will vest in equal installments on June 15, 2026 and June 15, 2027. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2027, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

11. Pursuant to the terms and conditions of the 2018 Stock Incentive Plan, this award will vest in equal installments on June 15, 2026, June 15, 2027, and June 15, 2028. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2028, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

Remarks:

	Scott Faber, under Power of Attorney dated May 22, 2020	06/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Casey’s (CASY) shares did the COO sell on 17 June 2025?

The Form 4 reports the sale of 8,000 common shares in six separate transactions.

What price range did the CASY insider transaction occur at?

Weighted-average sale prices ranged from $506.32 to $511.96 per share.

What is the COO’s remaining share ownership in Casey’s after the sale?

She now directly owns 18,059 shares and indirectly holds 381 shares through the 401(k) plan.

Did the filing indicate the sale was made under a Rule 10b5-1 plan?

No. The Rule 10b5-1 checkbox was not selected, suggesting the sale was not pre-arranged under such a plan.

How many unvested restricted stock units does the COO still hold?

The report lists 3,337 unvested restricted stock units under the 2018 Stock Incentive Plan.