Tractor Supply (NASDAQ:TSCO) Board Declares Stock Repurchase Plan

Tractor Supply (NASDAQ:TSCO) declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 13th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TSCO. Loop Capital lifted their price target on Tractor Supply from $53.00 to $58.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. DA Davidson boosted their target price on Tractor Supply from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Barclays dropped their price target on Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Evercore ISI raised Tractor Supply from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 15th. Finally, Truist Financial dropped their price target on Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.22.

Tractor Supply Trading Up 0.3 %

TSCO opened at $57.14 on Friday. The business has a 50 day simple moving average of $54.84 and a two-hundred day simple moving average of $55.32. The firm has a market capitalization of $30.51 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 2.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.43 and a quick ratio of 0.20. Tractor Supply has a one year low of $46.76 and a one year high of $61.53.

Tractor Supply (NASDAQ:TSCO) last released its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.84). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. Analysts predict that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th will be issued a dividend of $0.92 per share. This is an increase from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.44%. Tractor Supply’s dividend payout ratio is 43.14%.

Insiders Place Their Bets

In related news, CFO Kurt D. Barton sold 12,146 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $56.00, for a total value of $680,176.00. Following the sale, the chief financial officer now owns 47,715 shares in the company, valued at $2,672,040. This represents a 20.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Harry A. Lawton III sold 88,095 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $54.59, for a total value of $4,809,106.05. Following the completion of the sale, the chief executive officer now owns 488,852 shares in the company, valued at $26,686,430.68. The trade was a 15.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 134,143 shares of company stock worth $7,315,961. Company insiders own 0.24% of the company’s stock.

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.