Bank of America Corp DE Buys 2,466,875 Shares of Tractor Supply (NASDAQ:TSCO)

Bank of America Corp DE lifted its position in Tractor Supply (NASDAQ:TSCO - Free Report) by 246.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,468,293 shares of the specialty retailer's stock after purchasing an additional 2,466,875 shares during the quarter. Bank of America Corp DE owned 0.65% of Tractor Supply worth $184,028,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Bearing Point Capital LLC bought a new stake in Tractor Supply in the fourth quarter valued at $212,000. Benjamin Edwards Inc. raised its holdings in shares of Tractor Supply by 406.7% in the fourth quarter. Benjamin Edwards Inc. now owns 866,760 shares of the specialty retailer's stock valued at $45,990,000 after buying an additional 695,710 shares during the last quarter. BLI Banque de Luxembourg Investments acquired a new position in Tractor Supply during the 4th quarter worth about $7,730,000. BNP Paribas increased its position in Tractor Supply by 400.0% in the 4th quarter. BNP Paribas now owns 20,275 shares of the specialty retailer's stock valued at $1,064,000 after acquiring an additional 16,220 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Tractor Supply by 331.1% during the fourth quarter. Ameriprise Financial Inc. now owns 1,728,661 shares of the specialty retailer's stock valued at $91,723,000 after purchasing an additional 1,327,652 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group set a $54.00 price objective on shares of Tractor Supply in a research report on Friday, April 25th. Stephens started coverage on Tractor Supply in a research report on Wednesday, April 9th. They set an "equal weight" rating and a $56.00 target price for the company. Citigroup decreased their price target on Tractor Supply from $59.00 to $51.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. Guggenheim reduced their target price on shares of Tractor Supply from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on shares of Tractor Supply from $59.00 to $56.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $58.02.

Insider Activity

In other news, EVP Colin Yankee sold 24,602 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $54.15, for a total transaction of $1,332,198.30. Following the completion of the sale, the executive vice president now owns 33,645 shares in the company, valued at approximately $1,821,876.75. This trade represents a 42.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 sale, the senior vice president now owns 31,787 shares of the company's stock, valued at approximately $1,833,792.03. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,598 shares of company stock valued at $2,234,481 over the last three months. Insiders own 0.65% of the company's stock.

Tractor Supply Stock Down 0.2 %

TSCO stock traded down $0.11 during mid-day trading on Friday, reaching $51.31. The company had a trading volume of 3,588,627 shares, compared to its average volume of 5,130,115. The company has a market capitalization of $27.28 billion, a price-to-earnings ratio of 25.15, a PEG ratio of 2.95 and a beta of 0.82. 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 52 week low of $46.85 and a 52 week high of $61.53. The stock has a 50 day simple moving average of $51.96 and a two-hundred day simple moving average of $54.14.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.03). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the business earned $1.83 EPS. The business's revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were paid a $0.92 dividend. This is a positive change from Tractor Supply's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $3.68 annualized dividend and a yield of 7.17%. Tractor Supply's dividend payout ratio is currently 45.77%.

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

Tractor Supply 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.