Massachusetts Financial Services Co. MA Buys 3,358,470 Shares of Tractor Supply (NASDAQ:TSCO)

Massachusetts Financial Services Co. MA lifted its holdings in Tractor Supply (NASDAQ:TSCO - Free Report) by 404.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,188,663 shares of the specialty retailer's stock after acquiring an additional 3,358,470 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.78% of Tractor Supply worth $222,250,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. CIBC Private Wealth Group LLC raised its position in Tractor Supply by 385.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer's stock valued at $59,260,000 after acquiring an additional 865,273 shares in the last quarter. BOK Financial Private Wealth Inc. raised its stake in Tractor Supply by 330.2% in the 4th quarter. BOK Financial Private Wealth Inc. now owns 21,355 shares of the specialty retailer's stock valued at $1,133,000 after purchasing an additional 16,391 shares during the last quarter. Blueshift Asset Management LLC lifted its stake in shares of Tractor Supply by 571.8% in the fourth quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer's stock worth $3,545,000 after buying an additional 56,870 shares in the last quarter. Callan Family Office LLC acquired a new position in shares of Tractor Supply during the 4th quarter worth approximately $503,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tractor Supply by 379.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 890,898 shares of the specialty retailer's stock worth $47,271,000 after buying an additional 704,896 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company's stock.

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Tractor Supply Stock Performance

Shares of NASDAQ TSCO traded up $3.36 during midday trading on Wednesday, hitting $51.38. The company's stock had a trading volume of 7,509,310 shares, compared to its average volume of 5,127,744. The firm has a market cap of $27.31 billion, a P/E ratio of 25.19, a P/E/G ratio of 2.95 and a beta of 0.88. The firm's fifty day moving average price is $54.18 and its 200-day moving average price is $55.42. Tractor Supply has a 1-year low of $46.97 and a 1-year high of $61.53. 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 announced its earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.28 by ($1.84). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. On average, sell-side analysts forecast that Tractor Supply will post 2.17 EPS for the current fiscal year.

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

Tractor Supply Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 7.16%. This is a positive change from Tractor Supply's previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 26th. Tractor Supply's payout ratio is presently 45.10%.

Insider Buying and Selling at Tractor Supply

In related news, CEO Harry A. Lawton III sold 88,095 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 488,852 shares of the company's stock, valued at approximately $26,686,430.68. This represents a 15.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Melissa Kersey sold 9,300 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $53.17, for a total value of $494,481.00. Following the completion of the sale, the executive vice president now directly owns 34,961 shares of the company's stock, valued at $1,858,876.37. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,993 shares of company stock valued at $7,538,068 in the last quarter. Company insiders own 0.24% of the company's stock.

Wall Street Analysts Forecast Growth

TSCO has been the topic of several recent analyst reports. Loop Capital boosted their target price on shares of Tractor Supply from $53.00 to $58.00 and gave the company a "hold" rating in a report on Thursday, December 12th. Bank of America increased their target price on shares of Tractor Supply from $44.00 to $53.00 and gave the stock an "underperform" rating in a report on Thursday, January 16th. Truist Financial decreased their price objective on Tractor Supply from $63.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Stephens assumed coverage on shares of Tractor Supply in a research note on Wednesday. They set an "equal weight" rating and a $56.00 target price for the company. Finally, Barclays reduced their price target on shares of Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating for the company in a research report on Monday, December 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Tractor Supply has a consensus rating of "Moderate Buy" and an average target price of $59.07.

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.