AGP Franklin LLC Reduces Stake in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• AGP Franklin LLC reduced its stake in Tractor Supply Company by 10.0%, selling 4,761 shares and currently holding 42,771 shares valued at approximately $2.18 million.
• Analysts have upgraded Tractor Supply, with Bank of America shifting its rating from "underperform" to "buy" and setting a price target of $70.00, while Citigroup lowered their target to $51.00.
• Tractor Supply recently announced a quarterly dividend of $0.23 per share, representing a 1.55% yield, with a payout ratio of 45.10%.

AGP Franklin LLC reduced its holdings in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 10.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,771 shares of the specialty retailer's stock after selling 4,761 shares during the quarter. AGP Franklin LLC's holdings in Tractor Supply were worth $2,181,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Wedmont Private Capital increased its position in shares of Tractor Supply by 2.5% during the 1st quarter. Wedmont Private Capital now owns 8,714 shares of the specialty retailer's stock valued at $450,000 after purchasing an additional 212 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in Tractor Supply by 30.1% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 920 shares of the specialty retailer's stock valued at $51,000 after acquiring an additional 213 shares during the period. Independent Wealth Network Inc. boosted its holdings in Tractor Supply by 5.2% during the 1st quarter. Independent Wealth Network Inc. now owns 4,335 shares of the specialty retailer's stock valued at $239,000 after acquiring an additional 215 shares during the period. GW&K Investment Management LLC boosted its holdings in Tractor Supply by 89.3% during the 1st quarter. GW&K Investment Management LLC now owns 479 shares of the specialty retailer's stock valued at $26,000 after acquiring an additional 226 shares during the period. Finally, Assetmark Inc. boosted its holdings in Tractor Supply by 21.2% during the 1st quarter. Assetmark Inc. now owns 1,331 shares of the specialty retailer's stock valued at $73,000 after acquiring an additional 233 shares during the period. 98.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Piper Sandler increased their target price on Tractor Supply from $66.00 to $67.00 and gave the company an "overweight" rating in a report on Friday, July 25th. UBS Group increased their target price on Tractor Supply from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Raymond James Financial restated an "outperform" rating and set a $65.00 target price (up from $57.00) on shares of Tractor Supply in a report on Friday, July 25th. JPMorgan Chase & Co. increased their target price on Tractor Supply from $56.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Wall Street Zen upgraded Tractor Supply from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $61.80.

Insiders Place Their Bets

In other Tractor Supply news, EVP Jonathan S. Estep sold 35,825 shares of Tractor Supply stock in a transaction on Monday, July 7th. The stock was sold at an average price of $56.00, for a total value of $2,006,200.00. Following the completion of the sale, the executive vice president owned 74,605 shares of the company's stock, valued at approximately $4,177,880. This trade represents a 32.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Noni L. Ellison sold 5,200 shares of Tractor Supply stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $63.96, for a total value of $332,592.00. Following the completion of the sale, the senior vice president directly owned 28,639 shares of the company's stock, valued at approximately $1,831,750.44. The trade was a 15.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 207,490 shares of company stock worth $12,216,998. 0.65% of the stock is owned by corporate insiders.

Tractor Supply Stock Down 1.1%

Shares of TSCO traded down $0.62 on Thursday, reaching $57.21. The stock had a trading volume of 1,696,102 shares, compared to its average volume of 5,684,202. The firm has a market capitalization of $30.33 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 3.01 and a beta of 0.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 1.28. The company has a 50-day simple moving average of $53.67 and a 200-day simple moving average of $53.47. Tractor Supply Company has a 12-month low of $46.85 and a 12-month high of $63.99.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The specialty retailer reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.01. Tractor Supply had a return on equity of 46.83% and a net margin of 7.18%. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the company earned $3.93 EPS. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts predict that Tractor Supply Company will post 2.17 EPS for the current year.

Tractor Supply Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, May 28th. Tractor Supply's payout ratio is 45.10%.

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.