Washington Trust Bank Increases Position in Tractor Supply (NASDAQ:TSCO)

Washington Trust Bank raised its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 383.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,460 shares of the specialty retailer’s stock after purchasing an additional 5,918 shares during the period. Washington Trust Bank’s holdings in Tractor Supply were worth $396,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in TSCO. BOK Financial Private Wealth Inc. increased its position in Tractor Supply by 330.2% during the 4th 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 in the last quarter. Blueshift Asset Management LLC grew its stake in shares of Tractor Supply by 32.7% in the third quarter. Blueshift Asset Management LLC now owns 9,945 shares of the specialty retailer’s stock worth $2,893,000 after acquiring an additional 2,452 shares during the last quarter. Callan Family Office LLC bought a new position in shares of Tractor Supply during the fourth quarter valued at $503,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Tractor Supply by 379.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 890,898 shares of the specialty retailer’s stock worth $47,271,000 after purchasing an additional 704,896 shares during the last quarter. Finally, Welch & Forbes LLC boosted its stake in Tractor Supply by 391.4% in the 4th quarter. Welch & Forbes LLC now owns 484,922 shares of the specialty retailer’s stock worth $25,730,000 after purchasing an additional 386,233 shares in the last quarter. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Bank of America raised their price objective 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. Telsey Advisory Group reissued an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a research report on Thursday, January 30th. Truist Financial lowered 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. JPMorgan Chase & Co. lifted their target price on Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Wells Fargo & Company decreased their price target on Tractor Supply from $65.00 to $64.00 and set an “overweight” rating for the company in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Tractor Supply presently has a consensus rating of “Moderate Buy” and an average price target of $59.22.

Insider Buying and Selling at Tractor Supply

In related news, EVP Melissa Kersey sold 9,300 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $53.17, for a total transaction of $494,481.00. Following the completion of the sale, the executive vice president now owns 34,961 shares in the company, valued at approximately $1,858,876.37. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Matthew L. Rubin sold 3,850 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total value of $222,106.50. Following the completion of the transaction, the senior vice president now directly owns 31,787 shares in the company, valued at approximately $1,833,792.03. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,993 shares of company stock valued at $7,538,068 over the last ninety days. 0.24% of the stock is currently owned by company insiders.

Tractor Supply Trading Up 1.2 %

Shares of NASDAQ:TSCO opened at $52.46 on Friday. The stock has a 50 day moving average of $55.03 and a 200 day moving average of $55.67. The company has a market cap of $28.01 billion, a PE ratio of 25.72, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. Tractor Supply has a 12-month low of $48.30 and a 12-month high of $61.53. The company has a current ratio of 1.43, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82.

Tractor Supply (NASDAQ:TSCO) last issued its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($1.84). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. As a group, equities research analysts expect that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 7.01%. The ex-dividend date was Wednesday, February 26th. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. Tractor Supply’s dividend payout ratio is presently 45.10%.

Tractor Supply announced that its board has approved a share repurchase program on Thursday, February 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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.