Blueshift Asset Management LLC Lowers Holdings in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• Blueshift Asset Management LLC reduced its ownership in Tractor Supply Company by 67.1% in the 1st quarter, holding 21,956 shares valued at $1,210,000 after selling 44,859 shares.
• Several large investors, including Capital World Investors and Geode Capital Management LLC, significantly increased their positions in Tractor Supply during the fourth quarter, with Capital World Investors raising its stake by 403.7%.
• Tractor Supply's recent earnings report beat analysts' expectations, with a revenue of $4.44 billion and an earnings per share of $0.81, while it also announced a dividend cut.

Blueshift Asset Management LLC trimmed its holdings in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 67.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,956 shares of the specialty retailer's stock after selling 44,859 shares during the period. Blueshift Asset Management LLC's holdings in Tractor Supply were worth $1,210,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Capital World Investors lifted its position in shares of Tractor Supply by 403.7% in the fourth quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer's stock valued at $1,031,122,000 after acquiring an additional 15,575,311 shares in the last quarter. Capital International Investors increased its holdings in shares of Tractor Supply by 334.7% in the fourth quarter. Capital International Investors now owns 15,429,288 shares of the specialty retailer's stock worth $818,421,000 after purchasing an additional 11,880,010 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Tractor Supply by 403.2% in the fourth quarter. Geode Capital Management LLC now owns 14,519,937 shares of the specialty retailer's stock worth $768,838,000 after purchasing an additional 11,634,249 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Tractor Supply by 287.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,417,152 shares of the specialty retailer's stock worth $552,735,000 after purchasing an additional 7,729,628 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Tractor Supply by 407.9% in the fourth quarter. Invesco Ltd. now owns 8,766,224 shares of the specialty retailer's stock worth $465,136,000 after purchasing an additional 7,040,165 shares during the last quarter. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

Tractor Supply Stock Down 1.5%

Shares of NASDAQ:TSCO opened at $56.95 on Friday. Tractor Supply Company has a 1 year low of $46.85 and a 1 year high of $63.99. The business has a 50 day simple moving average of $53.82 and a two-hundred day simple moving average of $53.49. The firm has a market capitalization of $30.20 billion, a PE ratio of 27.94, a price-to-earnings-growth ratio of 2.97 and a beta of 0.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.16.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The specialty retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.01. The firm 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%. Tractor Supply's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.93 earnings per share. On average, equities analysts predict that Tractor Supply Company will post 2.17 EPS for the current year.

Tractor Supply Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Wednesday, May 28th were issued a $0.23 dividend. The ex-dividend date was Wednesday, May 28th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Tractor Supply's payout ratio is presently 45.10%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Mizuho reduced their target price on Tractor Supply from $62.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Citigroup reduced their target price on Tractor Supply from $59.00 to $51.00 and set a "neutral" rating on the stock in a report on Friday, April 25th. Truist Financial lifted their target price on Tractor Supply from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Loop Capital lifted their target price on Tractor Supply from $48.00 to $60.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Finally, UBS Group boosted their price objective on Tractor Supply from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Tractor Supply presently has an average rating of "Moderate Buy" and an average price target of $61.80.

Insider Transactions at Tractor Supply

In related news, CFO Kurt D. Barton sold 90,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer owned 47,715 shares in the company, valued at approximately $3,051,851.40. The trade was a 65.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denise L. Jackson sold 1,165 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $58.50, for a total value of $68,152.50. Following the completion of the sale, the director owned 31,123 shares of the company's stock, valued at $1,820,695.50. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 207,490 shares of company stock valued at $12,216,998 in the last ninety days. Corporate insiders own 0.65% 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.

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