State of Michigan Retirement System Reduces Stock Position in Tractor Supply (NASDAQ:TSCO)

State of Michigan Retirement System decreased its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 3.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,367 shares of the specialty retailer’s stock after selling 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in Tractor Supply were worth $9,009,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Signature Wealth Management Group raised its stake in Tractor Supply by 0.5% during the 2nd quarter. Signature Wealth Management Group now owns 6,999 shares of the specialty retailer’s stock worth $1,890,000 after acquiring an additional 38 shares in the last quarter. Eads & Heald Wealth Management grew its stake in Tractor Supply by 0.6% during the 2nd quarter. Eads & Heald Wealth Management now owns 7,040 shares of the specialty retailer’s stock worth $1,901,000 after buying an additional 42 shares during the last quarter. Brookstone Capital Management lifted its stake in Tractor Supply by 2.5% in the second quarter. Brookstone Capital Management now owns 1,820 shares of the specialty retailer’s stock valued at $507,000 after buying an additional 44 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Tractor Supply by 10.9% in the first quarter. Lindbrook Capital LLC now owns 459 shares of the specialty retailer’s stock valued at $120,000 after acquiring an additional 45 shares during the period. Finally, Wedmont Private Capital grew its position in shares of Tractor Supply by 3.6% during the first quarter. Wedmont Private Capital now owns 1,309 shares of the specialty retailer’s stock worth $331,000 after acquiring an additional 45 shares during the last quarter. 98.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Evercore ISI lowered their target price on Tractor Supply from $290.00 to $280.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. JPMorgan Chase & Co. raised their target price on shares of Tractor Supply from $241.00 to $263.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Wells Fargo & Company lifted their target price on shares of Tractor Supply from $285.00 to $295.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Truist Financial raised their price objective on shares of Tractor Supply from $289.00 to $293.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Benchmark reaffirmed a “buy” rating and issued a $280.00 target price on shares of Tractor Supply in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Tractor Supply presently has an average rating of “Hold” and a consensus price target of $256.58.

Tractor Supply Stock Performance

Tractor Supply stock opened at $272.94 on Wednesday. The firm has a market capitalization of $29.43 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 3.33 and a beta of 0.81. The stock’s 50 day moving average price is $265.99 and its 200 day moving average price is $262.97. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.25 and a current ratio of 1.43. Tractor Supply has a one year low of $185.00 and a one year high of $290.38.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings data on Thursday, July 25th. The specialty retailer reported $3.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.93. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.28 billion. Tractor Supply had a return on equity of 51.84% and a net margin of 7.65%. Tractor Supply’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.83 EPS. As a group, sell-side analysts expect that Tractor Supply will post 10.23 EPS for the current fiscal year.

Tractor Supply Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 26th will be paid a dividend of $1.10 per share. The ex-dividend date is Monday, August 26th. This represents a $4.40 dividend on an annualized basis and a yield of 1.61%. Tractor Supply’s dividend payout ratio (DPR) is 42.84%.

Insiders Place Their Bets

In other news, SVP Matthew L. Rubin sold 540 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $262.35, for a total transaction of $141,669.00. Following the transaction, the senior vice president now owns 5,170 shares of the company’s stock, valued at $1,356,349.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.24% of the stock is owned by company insiders.

Tractor Supply Company Profile

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.