Tractor Supply Company (NASDAQ:TSCO) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Tractor Supply Company by 11.8% during the first quarter, holding a total of 137,232 shares worth $7.56 million.
• Tractor Supply's stock has received several upgrades from analysts, including a price target increase from $57.00 to $65.00, with an average rating of "Moderate Buy" and a consensus target price of $61.80.
• Insiders sold over 207,490 shares of Tractor Supply stock valued at nearly $12.22 million in the last quarter, indicating a notable decrease in their ownership percentages.

Mackenzie Financial Corp raised its position in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 11.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,232 shares of the specialty retailer's stock after acquiring an additional 14,467 shares during the quarter. Mackenzie Financial Corp's holdings in Tractor Supply were worth $7,561,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wedmont Private Capital boosted its stake 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 buying an additional 212 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in shares of 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 buying an additional 213 shares during the last quarter. Independent Wealth Network Inc. boosted its stake in shares of 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 buying an additional 215 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of 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 buying an additional 226 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of 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 buying an additional 233 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

Analyst Upgrades and Downgrades

TSCO has been the topic of several research analyst reports. Guggenheim reduced their price objective on Tractor Supply from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Wall Street Zen upgraded Tractor Supply from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Bank of America upgraded Tractor Supply from an "underperform" rating to a "buy" rating and set a $70.00 price objective on the stock in a research note on Thursday, July 24th. Raymond James Financial restated an "outperform" rating and set a $65.00 price objective (up from $57.00) on shares of Tractor Supply in a research note on Friday, July 25th. Finally, Piper Sandler raised their price objective on Tractor Supply from $66.00 to $67.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Tractor Supply has an average rating of "Moderate Buy" and a consensus target price of $61.80.

Insider Activity

In related news, Director Denise L. Jackson sold 4,630 shares of Tractor Supply stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $55.93, for a total transaction of $258,955.90. Following the transaction, the director directly owned 35,288 shares of the company's stock, valued at $1,973,657.84. The trade was a 11.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 stock was sold at an average price of $58.40, for a total value of $390,112.00. Following the transaction, the executive vice president directly owned 40,142 shares in the company, valued at approximately $2,344,292.80. The trade was a 14.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,490 shares of company stock valued at $12,216,998 over the last quarter. Insiders own 0.65% of the company's stock.

Tractor Supply Price Performance

Shares of TSCO opened at $56.95 on Friday. The firm has a market capitalization of $30.19 billion, a price-to-earnings 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 quick ratio of 0.16 and a current ratio of 1.28. Tractor Supply Company has a one year low of $46.85 and a one year high of $63.99. The stock's fifty day moving average is $53.82 and its 200-day moving average is $53.49.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The specialty retailer reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.01. The company had revenue of $4.44 billion for 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 quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $3.93 earnings per share. Equities analysts anticipate that Tractor Supply Company will post 2.17 EPS for the current year.

Tractor Supply Cuts Dividend

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

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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