Tractor Supply (NASDAQ:TSCO) Price Target Raised to $65.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Tractor Supply (NASDAQ:TSCO) from $63.00 to $65.00, indicating a potential upside of 10.32% from the current price.
• A total of eight analysts have assigned a "hold" rating while twelve have rated the stock as a "buy," leading to an average rating of "Moderate Buy."
• Tractor Supply reported $4.44 billion in revenue for the last quarter, exceeding expectations and showing a 4.5% year-over-year increase.
• Insider selling has occurred, with notable executives selling over 105,000 shares of the stock worth approximately $5.7 million in total value.

Tractor Supply (NASDAQ:TSCO - Free Report) had its target price upped by Wells Fargo & Company from $63.00 to $65.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the specialty retailer's stock.

Several other equities analysts have also recently issued reports on the stock. Robert W. Baird upped their price target on shares of Tractor Supply from $56.00 to $61.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Stephens started coverage on shares of Tractor Supply in a research note on Wednesday, April 9th. They set an "equal weight" rating and a $56.00 target price on the stock. Telsey Advisory Group reaffirmed an "outperform" rating and set a $60.00 target price on shares of Tractor Supply in a research report on Thursday. Bank of America upgraded Tractor Supply from an "underperform" rating to a "buy" rating and set a $70.00 price target for the company in a research note on Thursday. Finally, Guggenheim reduced their target price on shares of Tractor Supply from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.30.

Tractor Supply Stock Down 0.0%

NASDAQ:TSCO traded down $0.01 on Friday, hitting $59.33. 7,589,239 shares of the company's stock were exchanged, compared to its average volume of 6,122,455. The firm has a 50-day moving average price of $53.27 and a 200-day moving average price of $53.39. Tractor Supply has a 52 week low of $46.85 and a 52 week 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 0.17. The company has a market cap of $31.46 billion, a P/E ratio of 29.11, a price-to-earnings-growth ratio of 3.20 and a beta of 0.75.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The specialty retailer reported $0.81 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.40 billion. During the same quarter in the previous year, the company posted $3.93 earnings per share. The business's revenue was up 4.5% on a year-over-year basis. As a group, analysts expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Wednesday, May 28th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Wednesday, May 28th. Tractor Supply's payout ratio is 45.10%.

Insider Buying and Selling

In other Tractor Supply news, EVP Jonathan S. Estep sold 56,630 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $53.00, for a total value of $3,001,390.00. Following the transaction, the executive vice president directly owned 74,605 shares of the company's stock, valued at $3,954,065. This trade represents a 43.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Denise L. Jackson sold 4,630 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $55.93, for a total value of $258,955.90. Following the completion of the transaction, the director directly owned 35,288 shares in the company, valued at approximately $1,973,657.84. The trade was a 11.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,610 shares of company stock valued at $5,737,894. Insiders own 0.65% of the company's stock.

Institutional Inflows and Outflows

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