JPMorgan Chase & Co. Lowers Tractor Supply (NASDAQ:TSCO) Price Target to $56.00

Tractor Supply (NASDAQ:TSCO - Get Free Report) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $59.00 to $56.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the specialty retailer's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 11.05% from the company's current price.

A number of other equities analysts also recently commented on the stock. Robert W. Baird cut their price objective on shares of Tractor Supply from $63.00 to $56.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Truist Financial reduced their price objective on shares of Tractor Supply from $63.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Raymond James dropped their target price on Tractor Supply from $61.00 to $57.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Guggenheim reduced their price target on Tractor Supply from $60.00 to $55.00 and set a "buy" rating for the company in a report on Friday, April 25th. Finally, Barclays dropped 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.02.

Tractor Supply Stock Performance

Shares of TSCO traded down $0.19 during mid-day trading on Monday, hitting $50.43. 686,503 shares of the company's stock were exchanged, compared to its average volume of 5,116,721. The company has a current ratio of 1.43, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82. Tractor Supply has a fifty-two week low of $46.85 and a fifty-two week high of $61.53. The business's 50 day moving average is $52.59 and its two-hundred day moving average is $54.59. The firm has a market capitalization of $26.81 billion, a P/E ratio of 24.64, a P/E/G ratio of 2.95 and a beta of 0.88.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. The firm's revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.83 earnings per share. On average, equities analysts expect that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Tractor Supply

In related news, SVP Matthew L. Rubin sold 3,850 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $57.69, for a total transaction of $222,106.50. Following the transaction, the senior vice president now owns 31,787 shares of the company's stock, valued at approximately $1,833,792.03. This represents a 10.80 % 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, CEO Harry A. Lawton III sold 88,095 shares of Tractor Supply stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $54.59, for a total transaction of $4,809,106.05. Following the completion of the sale, the chief executive officer now directly owns 488,852 shares of the company's stock, valued at $26,686,430.68. The trade was a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,993 shares of company stock valued at $7,538,068 over the last quarter. Insiders own 0.65% of the company's stock.

Institutional Investors Weigh In On Tractor Supply

Several hedge funds have recently made changes to their positions in TSCO. Smithfield Trust Co boosted its stake in Tractor Supply by 286.2% in the 4th quarter. Smithfield Trust Co now owns 475 shares of the specialty retailer's stock worth $25,000 after buying an additional 352 shares during the last quarter. Coppell Advisory Solutions LLC lifted its holdings in shares of Tractor Supply by 944.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 470 shares of the specialty retailer's stock worth $25,000 after acquiring an additional 425 shares during the period. PrairieView Partners LLC boosted its position in shares of Tractor Supply by 400.0% in the fourth quarter. PrairieView Partners LLC now owns 500 shares of the specialty retailer's stock worth $26,000 after acquiring an additional 400 shares during the last quarter. Future Financial Wealth Managment LLC grew its holdings in Tractor Supply by 400.0% in the fourth quarter. Future Financial Wealth Managment LLC now owns 500 shares of the specialty retailer's stock valued at $27,000 after purchasing an additional 400 shares during the period. Finally, Archer Investment Corp increased its position in Tractor Supply by 400.0% during the fourth quarter. Archer Investment Corp now owns 500 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 400 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

Tractor Supply Company 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.