Tractor Supply (NASDAQ:TSCO) Upgraded to Hold at Wall Street Zen

Key Points

• Tractor Supply has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating improved investor sentiment.
• Multiple analysts have recently adjusted their target prices, with the average consensus set at $61.80 and twelve analysts giving a "buy" rating.
• In its latest earnings report, Tractor Supply beat consensus estimates with earnings per share of $0.81 and reported a revenue increase of 4.5% year-over-year.

Wall Street Zen upgraded shares of Tractor Supply (NASDAQ:TSCO - Free Report) from a sell rating to a hold rating in a research note released on Saturday.

A number of other brokerages also recently commented on TSCO. Telsey Advisory Group reissued an "outperform" rating and issued a $70.00 price objective (up previously from $60.00) on shares of Tractor Supply in a research note on Thursday. Robert W. Baird upped their price objective on Tractor Supply from $56.00 to $61.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. DA Davidson lifted their target price on Tractor Supply from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Friday. Raymond James Financial reaffirmed an "outperform" rating and set a $65.00 target price (up from $57.00) on shares of Tractor Supply in a research report on Friday. Finally, UBS Group increased their price target on Tractor Supply from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $61.80.

Tractor Supply Stock Down 2.2%

Shares of TSCO stock traded down $1.31 during mid-day trading on Friday, hitting $58.03. The stock had a trading volume of 3,040,025 shares, compared to its average volume of 5,679,379. Tractor Supply has a 12-month low of $46.85 and a 12-month high of $63.99. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.28 and a quick ratio of 0.16. The firm's 50-day moving average is $53.27 and its two-hundred day moving average is $53.38. The firm has a market capitalization of $30.76 billion, a P/E ratio of 28.45, a price-to-earnings-growth ratio of 3.06 and a beta of 0.75.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The specialty retailer reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.01. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. Tractor Supply had a net margin of 7.18% and a return on equity of 46.83%. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.93 earnings per share. On average, analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Wednesday, May 28th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, May 28th. This represents a $0.92 dividend on an annualized basis and a yield of 1.59%. Tractor Supply's payout ratio is presently 45.10%.

Insider Buying and Selling at Tractor Supply

In related news, EVP Jonathan S. Estep sold 35,825 shares of Tractor Supply stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $56.00, for a total transaction of $2,006,200.00. Following the transaction, the executive vice president owned 74,605 shares in the company, valued at approximately $4,177,880. This trade represents a 32.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Denise L. Jackson sold 1,165 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $58.50, for a total transaction of $68,152.50. Following the transaction, the director directly owned 31,123 shares in the company, valued at approximately $1,820,695.50. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,610 shares of company stock worth $5,737,894. Insiders own 0.65% of the company's stock.

Hedge Funds Weigh In On Tractor Supply

A number of hedge funds have recently modified their holdings of TSCO. Corebridge Financial Inc. grew its position in Tractor Supply by 385.2% in the 4th quarter. Corebridge Financial Inc. now owns 137,523 shares of the specialty retailer's stock valued at $7,297,000 after acquiring an additional 109,177 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Tractor Supply by 388.8% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 314,545 shares of the specialty retailer's stock valued at $16,690,000 after purchasing an additional 250,197 shares in the last quarter. Financial Counselors Inc. increased its stake in Tractor Supply by 357.9% during the 4th quarter. Financial Counselors Inc. now owns 4,355 shares of the specialty retailer's stock worth $231,000 after buying an additional 3,404 shares during the period. Korea Investment CORP increased its stake in Tractor Supply by 459.7% during the 4th quarter. Korea Investment CORP now owns 87,600 shares of the specialty retailer's stock worth $4,648,000 after buying an additional 71,949 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Tractor Supply by 428.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 842,271 shares of the specialty retailer's stock worth $43,739,000 after buying an additional 682,963 shares in the last quarter. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

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.