Westfield Capital Management Co. LP Cuts Holdings in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• Westfield Capital Management Co. LP reduced its stake in Tractor Supply Company by 83.9%, selling 711,965 shares and retaining 136,377 shares worth approximately $7.5 million.
• Insiders have sold a total of 207,490 shares of Tractor Supply in the last three months, indicating significant profit-taking among management.
• Analysts have set varied price targets for the company, with Bank of America raising its target to $70.00 and Mizuho lowering theirs to $58.00, reflecting differing perceptions of the stock's future.

Westfield Capital Management Co. LP decreased its position in Tractor Supply Company (NASDAQ:TSCO - Free Report) by 83.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 136,377 shares of the specialty retailer's stock after selling 711,965 shares during the period. Westfield Capital Management Co. LP's holdings in Tractor Supply were worth $7,514,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wedmont Private Capital lifted its stake in Tractor Supply by 2.5% in the first quarter. Wedmont Private Capital now owns 8,714 shares of the specialty retailer's stock worth $450,000 after acquiring an additional 212 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in Tractor Supply by 30.1% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 920 shares of the specialty retailer's stock worth $51,000 after buying an additional 213 shares in the last quarter. Independent Wealth Network Inc. increased its holdings in Tractor Supply by 5.2% in the 1st quarter. Independent Wealth Network Inc. now owns 4,335 shares of the specialty retailer's stock worth $239,000 after buying an additional 215 shares in the last quarter. GW&K Investment Management LLC lifted its stake in shares of Tractor Supply by 89.3% in the 1st quarter. GW&K Investment Management LLC now owns 479 shares of the specialty retailer's stock worth $26,000 after purchasing an additional 226 shares during the period. Finally, Assetmark Inc. grew 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 acquiring an additional 233 shares during the period. Institutional investors own 98.72% of the company's stock.

Tractor Supply Stock Performance

TSCO stock traded up $0.48 during trading on Wednesday, hitting $60.25. 3,830,440 shares of the company traded hands, compared to its average volume of 6,103,175. The stock's 50-day simple moving average is $54.36 and its 200 day simple moving average is $53.60. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.16. The company has a market cap of $31.94 billion, a PE ratio of 29.56, a P/E/G ratio of 3.07 and a beta of 0.75. Tractor Supply Company has a 1 year low of $46.85 and a 1 year high of $63.99.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.40 billion. Tractor Supply had a return on equity of 46.83% and a net margin of 7.18%. The business's revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.93 earnings per share. On average, equities analysts expect that Tractor Supply Company will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were paid a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Tractor Supply's payout ratio is currently 45.10%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. DA Davidson boosted their price target on Tractor Supply from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, July 25th. The Goldman Sachs Group reissued a "buy" rating on shares of Tractor Supply in a research report on Friday, July 25th. Evercore ISI upped their price objective on Tractor Supply from $60.00 to $65.00 and gave the company an "in-line" rating in a research report on Friday, July 25th. Guggenheim dropped their price target on Tractor Supply from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Finally, Wells Fargo & Company upped their price objective on Tractor Supply from $63.00 to $65.00 and gave the stock 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 given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.80.

Insider Transactions at Tractor Supply

In other Tractor Supply news, CFO Kurt D. Barton sold 90,000 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $3,051,851.40. The trade was a 65.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jonathan S. Estep sold 35,825 shares of the business's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $56.00, for a total value of $2,006,200.00. Following the transaction, the executive vice president directly owned 74,605 shares in the company, valued at $4,177,880. This trade represents a 32.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 207,490 shares of company stock valued at $12,216,998. Insiders own 0.65% of the company's stock.

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.