Tractor Supply (NASDAQ:TSCO) Receives "Buy" Rating from DA Davidson

Key Points

• DA Davidson reissued a "Buy" rating on Tractor Supply with a $60 price objective, implying about a 34% upside from the stock's then-current price.
• Analyst coverage is mixed-but-leaning-positive: 14 Buys, 10 Holds and 1 Sell, giving an average rating of "Moderate Buy" and an average price target of $58.09.
• Tractor Supply recently missed quarterly estimates (EPS $0.43 vs. $0.46; revenue $3.90B vs. $4.03B), traded around $44.77, and has seen notable insider selling (~222,348 shares worth ~$12M) amid very high institutional ownership (98.72%).

Tractor Supply (NASDAQ:TSCO - Get Free Report)'s stock had its "buy" rating reissued by DA Davidson in a report released on Thursday,Benzinga reports. They presently have a $60.00 price objective on the specialty retailer's stock. DA Davidson's price objective suggests a potential upside of 34.03% from the stock's current price.

Several other research firms also recently issued reports on TSCO. Mizuho reduced their price target on Tractor Supply from $65.00 to $58.00 and set an "outperform" rating for the company in a research note on Friday, January 30th. Bank of America started coverage on Tractor Supply in a report on Tuesday, April 7th. They set a "neutral" rating and a $47.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Tractor Supply from $62.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, January 30th. Morgan Stanley lowered their price target on shares of Tractor Supply from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Friday, January 30th. Finally, Wall Street Zen downgraded shares of Tractor Supply from a "hold" rating to a "sell" rating in a report on Saturday, February 21st. Fourteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Tractor Supply has an average rating of "Moderate Buy" and an average price target of $58.09.

Tractor Supply Stock Performance

Shares of NASDAQ:TSCO traded up $0.02 on Thursday, hitting $44.77. The company had a trading volume of 2,580,282 shares, compared to its average volume of 6,771,007. The stock has a market cap of $23.55 billion, a price-to-earnings ratio of 21.58, a P/E/G ratio of 2.40 and a beta of 0.75. The stock has a 50 day moving average price of $49.10 and a 200 day moving average price of $51.92. Tractor Supply has a 1-year low of $43.23 and a 1-year high of $63.99. The company has a current ratio of 1.34, a quick ratio of 0.16 and a debt-to-equity ratio of 0.70.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The specialty retailer reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tractor Supply had a net margin of 7.06% and a return on equity of 44.36%. The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the company earned $0.44 earnings per share. The firm's revenue was up 3.3% compared to the same quarter last year. Analysts expect that Tractor Supply will post 2.17 EPS for the current year.

Insider Buying and Selling at Tractor Supply

In related news, EVP Robert D. Mills sold 62,950 shares of Tractor Supply stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $54.12, for a total value of $3,406,854.00. Following the transaction, the executive vice president directly owned 122,834 shares of the company's stock, valued at $6,647,776.08. This trade represents a 33.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Colin Yankee sold 11,170 shares of the company's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $55.35, for a total value of $618,259.50. Following the sale, the executive vice president owned 45,515 shares of the company's stock, valued at $2,519,255.25. The trade was a 19.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 222,348 shares of company stock valued at $11,959,621 over the last three months. 0.64% of the stock is owned by insiders.

Institutional Trading of Tractor Supply

Large investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Tractor Supply in the fourth quarter worth about $303,862,000. Victory Capital Management Inc. grew its stake in shares of Tractor Supply by 719.1% during the third quarter. Victory Capital Management Inc. now owns 4,508,661 shares of the specialty retailer's stock worth $256,408,000 after buying an additional 3,958,205 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of Tractor Supply by 41.9% during the second quarter. Select Equity Group L.P. now owns 12,713,409 shares of the specialty retailer's stock worth $670,887,000 after buying an additional 3,753,414 shares during the last quarter. APG Asset Management N.V. increased its stake in shares of Tractor Supply by 505.1% in the third quarter. APG Asset Management N.V. now owns 4,329,556 shares of the specialty retailer's stock valued at $246,222,000 after buying an additional 3,614,097 shares during the period. Finally, Invesco Ltd. raised its holdings in Tractor Supply by 18.4% in the 4th quarter. Invesco Ltd. now owns 17,433,611 shares of the specialty retailer's stock valued at $871,855,000 after buying an additional 2,706,819 shares during the last quarter. 98.72% of the stock is owned by institutional investors and hedge funds.

Tractor Supply Company Profile

Tractor Supply Company NASDAQ: TSCO is a specialty retailer focused on products for the home, farm, ranch and outdoors. The company operates a network of physical retail locations complemented by an e-commerce platform, offering a one-stop source of supplies and equipment for customers with rural and suburban lifestyles. Its merchandise assortment targets a range of needs, from animal and livestock care to maintenance, outdoor power equipment, and seasonal products.

Product categories include animal feed and supplies, pet products, fencing and fencing supplies, equine equipment, lawn and garden tools, work clothing and footwear, and small agricultural and outdoor power equipment.

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