Tractor Supply (NASDAQ:TSCO) Price Target Cut to $56.00 by Analysts at Robert W. Baird

Tractor Supply (NASDAQ:TSCO - Free Report) had its target price cut by Robert W. Baird from $63.00 to $56.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the specialty retailer's stock.

TSCO has been the topic of several other reports. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Tractor Supply in a research report on Thursday, April 24th. Stephens initiated coverage on Tractor Supply in a report on Wednesday, April 9th. They set an "equal weight" rating and a $56.00 price objective on the stock. Guggenheim reissued a "buy" rating and set a $60.00 price objective on shares of Tractor Supply in a report on Friday, January 31st. Barclays decreased their price objective on Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating on the stock in a report on Monday, December 30th. Finally, JPMorgan Chase & Co. boosted their price target on Tractor Supply from $58.00 to $59.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.02.

Tractor Supply Price Performance

Shares of NASDAQ TSCO traded up $0.37 during trading on Friday, hitting $50.24. The company had a trading volume of 6,656,657 shares, compared to its average volume of 5,119,015. The company has a market cap of $26.71 billion, a P/E ratio of 24.63, a PEG ratio of 2.95 and a beta of 0.88. Tractor Supply has a 52 week low of $46.85 and a 52 week high of $61.53. The business's 50-day moving average is $52.70 and its 200 day moving average is $54.62. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.03). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the company posted $1.83 earnings per share. The company's revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 7.32%. This is a boost from Tractor Supply's previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 26th. Tractor Supply's dividend payout ratio (DPR) is 45.77%.

Tractor Supply announced that its board has authorized a share repurchase program on Thursday, February 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Matthew L. Rubin sold 3,850 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $57.69, for a total value of $222,106.50. Following the transaction, the senior vice president now owns 31,787 shares in the company, valued at $1,833,792.03. The trade was a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Harry A. Lawton III sold 88,095 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $54.59, for a total transaction of $4,809,106.05. Following the transaction, the chief executive officer now owns 488,852 shares in the company, valued at $26,686,430.68. This represents a 15.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 137,993 shares of company stock valued at $7,538,068. 0.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Tractor Supply by 392.5% during the fourth quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer's stock worth $3,397,643,000 after acquiring an additional 51,031,178 shares during the period. Wellington Management Group LLP lifted its holdings in Tractor Supply by 401.8% during the fourth quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer's stock worth $1,262,258,000 after acquiring an additional 19,048,385 shares during the period. Alliancebernstein L.P. lifted its holdings in Tractor Supply by 403.3% during the fourth quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer's stock worth $1,180,932,000 after acquiring an additional 17,834,643 shares during the period. Capital World Investors lifted its holdings in Tractor Supply by 403.7% during the fourth quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer's stock worth $1,031,122,000 after acquiring an additional 15,575,311 shares during the period. Finally, Capital International Investors lifted its holdings in Tractor Supply by 334.7% during the fourth quarter. Capital International Investors now owns 15,429,288 shares of the specialty retailer's stock worth $818,421,000 after acquiring an additional 11,880,010 shares during the period. Hedge funds and other institutional investors own 98.72% 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.