Bank of Nova Scotia Increases Position in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• The Bank of Nova Scotia increased its holdings in Tractor Supply Company (TSCO) by 359.4%, acquiring an additional 256,976 shares in the first quarter, bringing its total ownership to approximately 0.06%.
• Insiders have sold over 207,490 shares of Tractor Supply stock recently, indicating a 43.15% decrease in EVP Jonathan S. Estep's position.
• Wall Street analysts' ratings have generally improved, with several firms raising their price targets for Tractor Supply stock, reflecting a consensus average rating of "Moderate Buy."

Bank of Nova Scotia increased its position in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 359.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 328,484 shares of the specialty retailer's stock after buying an additional 256,976 shares during the period. Bank of Nova Scotia owned 0.06% of Tractor Supply worth $18,099,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Coppell Advisory Solutions LLC raised its position in Tractor Supply by 944.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 470 shares of the specialty retailer's stock valued at $25,000 after purchasing an additional 425 shares during the period. GW&K Investment Management LLC increased 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 worth $26,000 after purchasing an additional 226 shares during the period. Dunhill Financial LLC increased its holdings in Tractor Supply by 325.8% during the 4th quarter. Dunhill Financial LLC now owns 511 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 391 shares during the period. Pacific Center for Financial Services boosted its position in Tractor Supply by 400.0% during the 4th quarter. Pacific Center for Financial Services now owns 550 shares of the specialty retailer's stock valued at $29,000 after acquiring an additional 440 shares in the last quarter. Finally, LRI Investments LLC boosted its position in Tractor Supply by 400.0% during the 4th quarter. LRI Investments LLC now owns 615 shares of the specialty retailer's stock valued at $33,000 after acquiring an additional 492 shares in the last quarter. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

Tractor Supply Stock Performance

Shares of NASDAQ TSCO traded up $0.48 during trading on Wednesday, reaching $60.25. 3,830,440 shares of the company traded hands, compared to its average volume of 6,103,175. The firm's fifty day simple moving average is $54.36 and its 200 day simple moving average is $53.60. The stock has a market cap of $31.94 billion, a P/E ratio of 29.56, a PEG ratio of 3.07 and a beta of 0.75. Tractor Supply Company has a 12-month low of $46.85 and a 12-month high of $63.99. The company has a current ratio of 1.28, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released 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. The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. Tractor Supply had a return on equity of 46.83% and a net margin of 7.18%. The company's revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the business posted $3.93 EPS. As a group, research analysts anticipate that Tractor Supply Company will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th were paid a dividend of $0.23 per share. The ex-dividend date was Wednesday, May 28th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Tractor Supply's dividend payout ratio (DPR) is presently 45.10%.

Insider Buying and Selling at Tractor Supply

In related news, CFO Kurt D. Barton sold 90,000 shares of Tractor Supply stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $63.96, for a total value of $5,756,400.00. Following the completion of the transaction, the chief financial officer owned 47,715 shares in the company, valued at $3,051,851.40. The trade was a 65.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Colin Yankee sold 6,680 shares of Tractor Supply stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $58.40, for a total value of $390,112.00. Following the completion of the transaction, the executive vice president owned 40,142 shares of the company's stock, valued at approximately $2,344,292.80. This represents a 14.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 207,490 shares of company stock worth $12,216,998. Insiders own 0.65% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Telsey Advisory Group set a $70.00 target price on Tractor Supply in a research report on Friday, July 25th. Citigroup lowered their price objective on Tractor Supply from $59.00 to $51.00 and set a "neutral" rating for the company in a research report on Friday, April 25th. Truist Financial raised their price objective on Tractor Supply from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Stephens started coverage on Tractor Supply in a research report on Wednesday, April 9th. They issued an "equal weight" rating and a $56.00 price objective for the company. Finally, DA Davidson raised their price objective on Tractor Supply from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Tractor Supply currently has a consensus rating of "Moderate Buy" and an average price target of $61.80.

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.