Granite Bay Wealth Management LLC Acquires Shares of 6,705 Tractor Supply (NASDAQ:TSCO)

Granite Bay Wealth Management LLC purchased a new position in Tractor Supply (NASDAQ:TSCO - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,705 shares of the specialty retailer's stock, valued at approximately $1,397,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Tractor Supply by 9,370.6% in the 3rd quarter. Wellington Management Group LLP now owns 2,822,151 shares of the specialty retailer's stock valued at $573,038,000 after acquiring an additional 2,792,352 shares during the period. Norges Bank acquired a new position in shares of Tractor Supply in the 4th quarter valued at $264,936,000. Alliancebernstein L.P. increased its holdings in shares of Tractor Supply by 84.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,159,008 shares of the specialty retailer's stock valued at $485,712,000 after acquiring an additional 985,799 shares during the period. Invesco Ltd. increased its holdings in shares of Tractor Supply by 76.7% in the 3rd quarter. Invesco Ltd. now owns 2,024,182 shares of the specialty retailer's stock valued at $411,010,000 after acquiring an additional 878,874 shares during the period. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in shares of Tractor Supply in the 3rd quarter valued at $81,220,000. Hedge funds and other institutional investors own 98.72% of the company's stock.

Insider Buying and Selling

In related news, EVP Robert D. Mills sold 48,334 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $232.23, for a total value of $11,224,604.82. Following the completion of the transaction, the executive vice president now owns 22,167 shares in the company, valued at approximately $5,147,842.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Robert D. Mills sold 48,334 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $232.23, for a total value of $11,224,604.82. Following the completion of the transaction, the executive vice president now owns 22,167 shares in the company, valued at approximately $5,147,842.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Harry A. Lawton III sold 20,500 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $232.93, for a total transaction of $4,775,065.00. Following the completion of the transaction, the chief executive officer now owns 95,192 shares of the company's stock, valued at approximately $22,173,072.56. The disclosure for this sale can be found here. Insiders have sold a total of 90,090 shares of company stock valued at $21,201,877 in the last quarter. Company insiders own 0.24% of the company's stock.

Tractor Supply Stock Performance

Shares of NASDAQ:TSCO traded down $5.30 on Friday, reaching $244.89. 991,919 shares of the company's stock were exchanged, compared to its average volume of 888,371. The firm has a market capitalization of $26.43 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 3.68 and a beta of 0.84. Tractor Supply has a fifty-two week low of $185.00 and a fifty-two week high of $268.02. The business's 50-day moving average is $248.51 and its two-hundred day moving average is $223.39. The company has a quick ratio of 0.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.82.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The specialty retailer reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.22 by $0.06. Tractor Supply had a net margin of 7.61% and a return on equity of 53.60%. The business had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter last year, the company earned $2.43 EPS. The company's revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, equities research analysts forecast that Tractor Supply will post 10.19 EPS for the current year.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Monday, February 26th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, February 23rd. This is a boost from Tractor Supply's previous quarterly dividend of $1.03. Tractor Supply's dividend payout ratio (DPR) is 43.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TSCO shares. Stephens lowered shares of Tractor Supply from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $226.00 to $240.00 in a research report on Tuesday, January 23rd. Truist Financial lifted their price objective on shares of Tractor Supply from $256.00 to $277.00 and gave the company a "buy" rating in a research report on Tuesday, April 2nd. Morgan Stanley reiterated an "underweight" rating and issued a $195.00 price objective on shares of Tractor Supply in a research report on Tuesday, January 16th. Guggenheim lifted their price objective on shares of Tractor Supply from $210.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, February 2nd. Finally, Evercore ISI lifted their price objective on shares of Tractor Supply from $270.00 to $280.00 and gave the company an "outperform" rating in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $239.83.

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.