Tractor Supply Company $TSCO Holdings Trimmed by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System reduced its Tractor Supply stake by 24.1% in the first quarter, selling 253,706 shares and leaving it with 798,642 shares worth about $36.2 million.
• Several other institutional investors increased or adjusted their positions, and 98.72% of Tractor Supply shares are owned by institutions and hedge funds.
• Analysts are cautious overall: the stock has a “Hold” consensus with an average target price of $40.88, while Tractor Supply also recently missed quarterly earnings and revenue estimates.

California Public Employees Retirement System lowered its holdings in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 24.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 798,642 shares of the specialty retailer's stock after selling 253,706 shares during the period. California Public Employees Retirement System owned about 0.15% of Tractor Supply worth $36,178,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bison Wealth LLC increased its stake in Tractor Supply by 356.1% in the 4th quarter. Bison Wealth LLC now owns 6,426 shares of the specialty retailer's stock worth $341,000 after purchasing an additional 5,017 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Tractor Supply by 40.7% during the 1st quarter. Woodline Partners LP now owns 45,132 shares of the specialty retailer's stock valued at $2,487,000 after acquiring an additional 13,051 shares in the last quarter. Intech Investment Management LLC increased its position in Tractor Supply by 26.9% in the 1st quarter. Intech Investment Management LLC now owns 26,162 shares of the specialty retailer's stock worth $1,442,000 after purchasing an additional 5,542 shares during the last quarter. Sei Investments Co. raised its position in Tractor Supply by 1.2% during the second quarter. Sei Investments Co. now owns 316,009 shares of the specialty retailer's stock valued at $16,676,000 after acquiring an additional 3,631 shares in the last quarter. Finally, Glenview Trust co raised its holdings in shares of Tractor Supply by 36.0% during the 2nd quarter. Glenview Trust co now owns 19,627 shares of the specialty retailer's stock valued at $1,036,000 after purchasing an additional 5,194 shares in the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. BNP Paribas Exane cut their price objective on Tractor Supply from $58.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 22nd. UBS Group set a $33.00 price objective on shares of Tractor Supply and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Barclays set a $35.00 target price on Tractor Supply and gave the company an "equal weight" rating in a research note on Monday, July 13th. Stephens cut their price target on shares of Tractor Supply from $53.00 to $43.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 22nd. Finally, Guggenheim reissued a "buy" rating and set a $50.00 price objective (down from $60.00) on shares of Tractor Supply in a report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.88.

Tractor Supply Price Performance

TSCO opened at $29.64 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.38 and a quick ratio of 0.16. The stock has a market capitalization of $15.54 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 6.57 and a beta of 0.46. The company's 50 day simple moving average is $30.64 and its 200-day simple moving average is $41.60. Tractor Supply Company has a one year low of $28.36 and a one year high of $63.99.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The specialty retailer reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.04). Tractor Supply had a return on equity of 42.58% and a net margin of 6.91%.The company had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the firm earned $0.34 EPS. The business's revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts anticipate that Tractor Supply Company will post 2.08 earnings per share for the current fiscal year.

Tractor Supply Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, May 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Tractor Supply's payout ratio is presently 47.06%.

Tractor Supply Company Profile

Tractor Supply Company NASDAQ: TSCO is a specialty retailer focused on products for the home, farm, ranch and outdoors. The company operates a network of physical retail locations complemented by an e-commerce platform, offering a one-stop source of supplies and equipment for customers with rural and suburban lifestyles. Its merchandise assortment targets a range of needs, from animal and livestock care to maintenance, outdoor power equipment, and seasonal products.

Product categories include animal feed and supplies, pet products, fencing and fencing supplies, equine equipment, lawn and garden tools, work clothing and footwear, and small agricultural and outdoor power equipment.

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