Pacer Advisors Inc. Decreases Stock Position in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• Pacer Advisors Inc. reduced its stake in Tractor Supply Company by 34.4%, now holding 29,520 shares valued at approximately $1.63 million.
• Tractor Supply announced a quarterly dividend of $0.23, with a current payout ratio of 45.10% and an annualized dividend yield of 1.57%.
• Analysts have shown a positive shift in sentiment, with Bank of America upgrading its rating to "buy" with a target price of $70.00, while the average target price across analysts is currently $61.80.

Pacer Advisors Inc. cut its holdings in shares of Tractor Supply Company (NASDAQ:TSCO - Free Report) by 34.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,520 shares of the specialty retailer's stock after selling 15,465 shares during the quarter. Pacer Advisors Inc.'s holdings in Tractor Supply were worth $1,627,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of Tractor Supply by 403.7% during the fourth quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer's stock worth $1,031,122,000 after purchasing an additional 15,575,311 shares during the period. Capital International Investors boosted its position 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 valued at $818,421,000 after acquiring an additional 11,880,010 shares during the period. Geode Capital Management LLC boosted its holdings in Tractor Supply by 403.2% in the 4th quarter. Geode Capital Management LLC now owns 14,519,937 shares of the specialty retailer's stock valued at $768,838,000 after purchasing an additional 11,634,249 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Tractor Supply by 287.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,417,152 shares of the specialty retailer's stock valued at $552,735,000 after acquiring an additional 7,729,628 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Tractor Supply by 407.9% in the 4th quarter. Invesco Ltd. now owns 8,766,224 shares of the specialty retailer's stock valued at $465,136,000 after buying an additional 7,040,165 shares in the last quarter. Institutional investors own 98.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TSCO. Loop Capital boosted their price objective on shares of Tractor Supply from $48.00 to $60.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and issued a $65.00 price objective (up from $57.00) on shares of Tractor Supply in a research note on Friday, July 25th. Wells Fargo & Company lifted their target price on Tractor Supply from $63.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. DA Davidson increased their target price on shares of Tractor Supply from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Piper Sandler raised their price target on shares of Tractor Supply from $66.00 to $67.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.80.

Insider Buying and Selling

In other news, EVP Jonathan S. Estep sold 56,630 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $53.00, for a total value of $3,001,390.00. Following the completion of the sale, the executive vice president owned 74,605 shares in the company, valued at $3,954,065. This represents a 43.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kurt D. Barton sold 90,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $63.96, for a total transaction of $5,756,400.00. Following the transaction, the chief financial officer owned 47,715 shares in the company, valued at approximately $3,051,851.40. This trade represents a 65.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 207,490 shares of company stock valued at $12,216,998. 0.65% of the stock is currently owned by company insiders.

Tractor Supply Stock Down 0.5%

Tractor Supply stock traded down $0.26 during mid-day trading on Friday, reaching $56.69. The stock had a trading volume of 837,307 shares, compared to its average volume of 5,665,376. The stock's 50-day simple moving average is $53.82 and its 200-day simple moving average is $53.49. Tractor Supply Company has a fifty-two week low of $46.85 and a fifty-two week high of $63.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.16 and a current ratio of 1.28. The firm has a market capitalization of $30.06 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 2.97 and a beta of 0.75.

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 firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.40 billion. Tractor Supply had a net margin of 7.18% and a return on equity of 46.83%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm earned $3.93 earnings per share. On average, sell-side analysts forecast that Tractor Supply Company will post 2.17 EPS for the current fiscal year.

Tractor Supply Cuts Dividend

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

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.