Tractor Supply’s (TSCO) Outperform Rating Reiterated at Telsey Advisory Group

Telsey Advisory Group reiterated their outperform rating on shares of Tractor Supply (NASDAQ:TSCO) in a report released on Thursday morning, Marketbeat reports. The brokerage currently has a $67.00 price target on the specialty retailer’s stock.

Several other research firms have also commented on TSCO. Stephens assumed coverage on shares of Tractor Supply in a report on Wednesday, April 9th. They issued an “equal weight” rating and a $56.00 price target on the stock. Bank of America raised their target price on shares of Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a research note on Thursday, January 16th. Barclays decreased their price target on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Truist Financial cut their price objective on Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price objective on Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Tractor Supply presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.62.

Tractor Supply Price Performance

Tractor Supply stock opened at $49.92 on Thursday. Tractor Supply has a 1 year low of $46.85 and a 1 year high of $61.53. The firm has a 50 day moving average price of $53.04 and a 200 day moving average price of $54.76. The company has a market cap of $26.54 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 2.95 and a beta of 0.88. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. Sell-side analysts predict that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were given a dividend of $0.92 per share. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a dividend yield of 7.37%. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s dividend payout ratio is currently 45.77%.

Tractor Supply declared that its board has approved a share repurchase program on Thursday, February 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Harry A. Lawton III sold 88,095 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $54.59, for a total transaction of $4,809,106.05. Following the sale, the chief executive officer now owns 488,852 shares in the company, valued at $26,686,430.68. This represents a 15.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Colin Yankee sold 24,602 shares of Tractor Supply stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $54.15, for a total value of $1,332,198.30. Following the completion of the transaction, the executive vice president now owns 33,645 shares of the company’s stock, valued at approximately $1,821,876.75. The trade was a 42.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,993 shares of company stock valued at $7,538,068. Company insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On Tractor Supply

Several large investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC lifted its position in Tractor Supply by 385.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer’s stock valued at $59,260,000 after purchasing an additional 865,273 shares during the last quarter. BOK Financial Private Wealth Inc. raised its holdings in shares of Tractor Supply by 330.2% during the fourth quarter. BOK Financial Private Wealth Inc. now owns 21,355 shares of the specialty retailer’s stock valued at $1,133,000 after buying an additional 16,391 shares during the last quarter. Blueshift Asset Management LLC raised its holdings in shares of Tractor Supply by 571.8% during the fourth quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer’s stock valued at $3,545,000 after buying an additional 56,870 shares during the last quarter. Heritage Trust Co acquired a new position in shares of Tractor Supply during the fourth quarter worth approximately $1,829,000. Finally, Callan Family Office LLC bought a new position in Tractor Supply in the 4th quarter worth approximately $503,000. 98.72% of the stock is owned by institutional investors and hedge funds.

About Tractor Supply

Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company offers various merchandise, including livestock and equine feed and equipment, poultry, fencing, and sprayers and chemicals; food, treats, and equipment for dogs, cats, and other small animals, as well as dog wellness products; seasonal and recreation products comprising tractors and riders, lawn and garden, bird feeding, power equipment, and other recreational products; truck, tool, and hardware products, such as truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and clothing, gift, and décor products consist of clothing, footwear, toys, snacks, and decorative merchandise.