Raymond James Financial Reiterates "Outperform" Rating for Tractor Supply (NASDAQ:TSCO)

Key Points

• Raymond James Financial has raised Tractor Supply's price target from $57.00 to $65.00, indicating a potential upside of 10.32% from its previous close.
• Several analysts have provided varying target price adjustments, with Guggenheim lowering its target to $55.00, while Truist Financial increased theirs to $66.00.
• Tractor Supply reported earnings of $0.81 per share, exceeding estimates and showcasing a 4.5% increase in revenue year over year.
• Insiders have sold a total of 105,610 shares valued at approximately $5.74 million over the last ninety days, indicating potential changes in ownership dynamics.

Tractor Supply (NASDAQ:TSCO - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at Raymond James Financial in a report issued on Friday, MarketBeat reports. They presently have a $65.00 target price on the specialty retailer's stock, up from their previous target price of $57.00. Raymond James Financial's target price points to a potential upside of 11.86% from the stock's current price.

TSCO has been the subject of a number of other reports. Piper Sandler upped their price objective on Tractor Supply from $66.00 to $67.00 and gave the company an "overweight" rating in a research report on Friday. Mizuho dropped their target price on Tractor Supply from $62.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Citigroup dropped their price target on shares of Tractor Supply from $59.00 to $51.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Stephens began coverage on Tractor Supply in a report on Wednesday, April 9th. They issued an "equal weight" rating and a $56.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Tractor Supply from $56.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Tractor Supply currently has an average rating of "Moderate Buy" and a consensus price target of $61.80.

Tractor Supply Trading Down 2.1%

Tractor Supply stock traded down $1.22 during trading hours on Friday, reaching $58.11. The stock had a trading volume of 7,981,485 shares, compared to its average volume of 5,715,996. The company has a fifty day simple moving average of $53.27 and a 200-day simple moving average of $53.38. Tractor Supply has a 52 week low of $46.85 and a 52 week high of $63.99. The stock has a market cap of $30.81 billion, a PE ratio of 28.51, a PEG ratio of 3.06 and a beta of 0.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.16.

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 analysts' consensus estimates of $0.80 by $0.01. Tractor Supply had a return on equity of 46.83% and a net margin of 7.18%. The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the company posted $3.93 EPS. Tractor Supply's quarterly revenue was up 4.5% compared to the same quarter last year. Analysts forecast that Tractor Supply will post 2.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Noni L. Ellison sold 5,200 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $63.96, for a total value of $332,592.00. Following the transaction, the senior vice president owned 28,639 shares of the company's stock, valued at $1,831,750.44. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kurt D. Barton sold 90,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $63.96, for a total value of $5,756,400.00. Following the transaction, the chief financial officer owned 47,715 shares in the company, valued at $3,051,851.40. The trade was a 65.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 200,810 shares of company stock worth $11,826,886 over the last ninety days. 0.65% of the stock is owned by insiders.

Institutional Trading of Tractor Supply

A number of hedge funds have recently added to or reduced their stakes in TSCO. Teacher Retirement System of Texas grew its stake in shares of Tractor Supply by 41.6% during the fourth quarter. Teacher Retirement System of Texas now owns 34,510 shares of the specialty retailer's stock worth $1,831,000 after acquiring an additional 10,144 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Tractor Supply by 587.4% in the 4th quarter. Sei Investments Co. now owns 312,630 shares of the specialty retailer's stock valued at $16,588,000 after buying an additional 267,147 shares during the period. LPL Financial LLC grew its holdings in Tractor Supply by 482.9% during the fourth quarter. LPL Financial LLC now owns 973,523 shares of the specialty retailer's stock worth $51,655,000 after acquiring an additional 806,504 shares during the period. Corebridge Financial Inc. grew its holdings in Tractor Supply by 385.2% during the fourth quarter. Corebridge Financial Inc. now owns 137,523 shares of the specialty retailer's stock worth $7,297,000 after acquiring an additional 109,177 shares during the period. Finally, Prudential Financial Inc. boosted its position in Tractor Supply by 319.1% in the 4th quarter. Prudential Financial Inc. now owns 275,850 shares of the specialty retailer's stock worth $14,637,000 after purchasing an additional 210,036 shares in the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

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.