Royal Bank of Canada Grows Stake in Tractor Supply (NASDAQ:TSCO)

Royal Bank of Canada grew its position in shares of Tractor Supply (NASDAQ:TSCO - Free Report) by 546.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,802,801 shares of the specialty retailer's stock after buying an additional 1,523,969 shares during the period. Royal Bank of Canada owned 0.34% of Tractor Supply worth $95,656,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TSCO. FORA Capital LLC lifted its holdings in Tractor Supply by 434.1% during the 4th quarter. FORA Capital LLC now owns 35,526 shares of the specialty retailer's stock worth $1,885,000 after purchasing an additional 28,875 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Tractor Supply by 385.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer's stock worth $59,260,000 after purchasing an additional 865,273 shares in the last quarter. BOK Financial Private Wealth Inc. lifted its holdings in Tractor Supply by 330.2% during the 4th quarter. BOK Financial Private Wealth Inc. now owns 21,355 shares of the specialty retailer's stock worth $1,133,000 after purchasing an additional 16,391 shares in the last quarter. Gen Wealth Partners Inc lifted its holdings in Tractor Supply by 513.8% during the 4th quarter. Gen Wealth Partners Inc now owns 14,320 shares of the specialty retailer's stock worth $760,000 after purchasing an additional 11,987 shares in the last quarter. Finally, Blueshift Asset Management LLC lifted its holdings in Tractor Supply by 571.8% during the 4th quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer's stock worth $3,545,000 after purchasing an additional 56,870 shares in the last quarter. Hedge funds and other institutional investors own 98.72% of the company's stock.

Tractor Supply Price Performance

Shares of Tractor Supply stock traded up $0.03 during trading on Friday, hitting $49.70. 3,690,023 shares of the stock traded hands, compared to its average volume of 5,147,072. The company has a quick ratio of 0.20, a current ratio of 1.43 and a debt-to-equity ratio of 0.82. The stock has a market cap of $26.35 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 2.95 and a beta of 0.82. The firm's fifty day moving average is $51.49 and its 200-day moving average is $53.91. Tractor Supply has a 52 week low of $46.85 and a 52 week high of $61.53.

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

Tractor Supply declared that its board has initiated a stock repurchase 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 purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Tractor Supply Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 28th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, May 28th. This represents a $0.92 annualized dividend and a yield of 1.85%. Tractor Supply's payout ratio is 45.77%.

Insider Buying and Selling

In related news, SVP Matthew L. Rubin sold 2,810 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $51.76, for a total transaction of $145,445.60. Following the transaction, the senior vice president now directly owns 29,722 shares in the company, valued at $1,538,410.72. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. UBS Group set a $54.00 price objective on Tractor Supply in a report on Friday, April 25th. Raymond James dropped their price objective on Tractor Supply from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Mizuho lowered their price target on Tractor Supply from $62.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Robert W. Baird lowered their price target on Tractor Supply from $63.00 to $56.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Truist Financial lowered their price target on Tractor Supply from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.