Rafferty Asset Management LLC Raises Stock Holdings in Tractor Supply (NASDAQ:TSCO)

Rafferty Asset Management LLC lifted its holdings in shares of Tractor Supply (NASDAQ:TSCO - Free Report) by 447.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,932 shares of the specialty retailer's stock after acquiring an additional 46,537 shares during the quarter. Rafferty Asset Management LLC's holdings in Tractor Supply were worth $3,021,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TSCO. Vanguard Group Inc. increased its position in shares of Tractor Supply by 392.5% during the fourth quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer's stock valued at $3,397,643,000 after acquiring an additional 51,031,178 shares during the last quarter. Wellington Management Group LLP increased its position in Tractor Supply by 401.8% in the fourth quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer's stock worth $1,262,258,000 after buying an additional 19,048,385 shares during the last quarter. Alliancebernstein L.P. increased its position in Tractor Supply by 403.3% in the fourth quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer's stock worth $1,180,932,000 after buying an additional 17,834,643 shares during the last quarter. Capital World Investors increased its position in Tractor Supply by 403.7% in the fourth quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer's stock worth $1,031,122,000 after buying an additional 15,575,311 shares during the last quarter. Finally, Capital International Investors increased its position in 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 buying an additional 11,880,010 shares during the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

Tractor Supply Price Performance

NASDAQ:TSCO opened at $52.91 on Tuesday. The firm has a market capitalization of $28.05 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 2.95 and a beta of 0.82. Tractor Supply has a 52-week low of $46.85 and a 52-week high of $61.53. The stock has a fifty day moving average of $51.65 and a 200 day moving average of $54.08. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last issued 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). The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.55 billion. Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. Tractor Supply's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.83 EPS. On average, research analysts expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply announced that its Board of Directors has initiated a stock buyback program on Thursday, February 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Tractor Supply Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, May 28th. Tractor Supply's payout ratio is 45.77%.

Insiders Place Their Bets

In other Tractor Supply news, SVP Matthew L. Rubin sold 2,810 shares of Tractor Supply stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $51.76, for a total transaction of $145,445.60. Following the completion of the sale, the senior vice president now owns 29,722 shares of the company's stock, valued at $1,538,410.72. The trade was a 8.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.65% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Telsey Advisory Group set a $60.00 target price on Tractor Supply in a research report on Friday, April 25th. Truist Financial decreased their target price on Tractor Supply from $63.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, January 31st. JPMorgan Chase & Co. decreased their target price on Tractor Supply from $59.00 to $56.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Raymond James decreased their target price on Tractor Supply from $61.00 to $57.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Robert W. Baird decreased their target price on Tractor Supply from $63.00 to $56.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Tractor Supply presently has a consensus rating of "Moderate Buy" and an average price target of $58.02.

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.

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