W.H. Cornerstone Investments Inc. Decreases Stock Holdings in Tractor Supply Company (NASDAQ:TSCO)

Key Points

• W.H. Cornerstone Investments Inc. significantly reduced its stake in Tractor Supply Company, lowering its holdings by 62.7% to 5,183 shares, valued at approximately $286,000.
• Tractor Supply posted quarterly earnings of $0.81 EPS, slightly above expectations, and reported revenue of $4.44 billion, which reflects a 4.5% year-over-year increase.
• Several hedge funds increased their positions in Tractor Supply during the last quarter, with Aviva PLC boosting its holdings by 390.9%, now owning over 800,000 shares.

W.H. Cornerstone Investments Inc. lowered its position in shares of Tractor Supply Company (NASDAQ:TSCO - Free Report) by 62.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,183 shares of the specialty retailer's stock after selling 8,720 shares during the period. W.H. Cornerstone Investments Inc.'s holdings in Tractor Supply were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in TSCO. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Tractor Supply during the 4th quarter worth approximately $2,005,000. National Bank of Canada FI increased its holdings in shares of Tractor Supply by 253.0% during the 4th quarter. National Bank of Canada FI now owns 174,379 shares of the specialty retailer's stock worth $9,255,000 after buying an additional 124,975 shares during the last quarter. Landscape Capital Management L.L.C. increased its holdings in shares of Tractor Supply by 153.3% during the 4th quarter. Landscape Capital Management L.L.C. now owns 14,213 shares of the specialty retailer's stock worth $754,000 after buying an additional 8,601 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of Tractor Supply during the 4th quarter worth approximately $9,363,000. Finally, Aviva PLC increased its holdings in shares of Tractor Supply by 390.9% during the 4th quarter. Aviva PLC now owns 802,685 shares of the specialty retailer's stock worth $42,590,000 after buying an additional 639,173 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

Tractor Supply Trading Up 1.2%

Shares of TSCO opened at $57.63 on Monday. The company has a current ratio of 1.28, a quick ratio of 0.16 and a debt-to-equity ratio of 0.68. The firm's 50-day moving average is $53.97 and its two-hundred day moving average is $53.52. Tractor Supply Company has a twelve month low of $46.85 and a twelve month high of $63.99. The firm has a market capitalization of $30.56 billion, a P/E ratio of 28.28, a PEG ratio of 2.96 and a beta of 0.75.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The specialty retailer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.80 by $0.01. The business 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 company's quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business earned $3.93 earnings per share. On average, research analysts predict that Tractor Supply Company will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TSCO. Loop Capital raised their price target on shares of Tractor Supply from $48.00 to $60.00 and gave the stock a "hold" rating in a report on Friday, July 25th. UBS Group lifted their target price on shares of Tractor Supply from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Mizuho dropped their target price on shares of Tractor Supply from $62.00 to $58.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Truist Financial lifted their target price on shares of Tractor Supply from $60.00 to $66.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Piper Sandler lifted their target price on shares of Tractor Supply from $66.00 to $67.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.80.

Insiders Place Their Bets

In related news, EVP Jonathan S. Estep sold 35,825 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $56.00, for a total transaction of $2,006,200.00. Following the transaction, the executive vice president owned 74,605 shares of the company's stock, valued at approximately $4,177,880. This represents a 32.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Noni L. Ellison sold 5,200 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $63.96, for a total transaction of $332,592.00. Following the transaction, the senior vice president directly owned 28,639 shares in the company, valued at $1,831,750.44. The trade was a 15.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 207,490 shares of company stock valued at $12,216,998. Corporate insiders own 0.65% of the company's stock.

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.

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