Patten & Patten Inc. TN Has $19.82 Million Position in Tractor Supply (NASDAQ:TSCO)

Patten & Patten Inc. TN raised its holdings in Tractor Supply (NASDAQ:TSCO - Free Report) by 389.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 373,615 shares of the specialty retailer's stock after buying an additional 297,334 shares during the period. Tractor Supply comprises approximately 1.3% of Patten & Patten Inc. TN's investment portfolio, making the stock its 15th biggest holding. Patten & Patten Inc. TN owned approximately 0.07% of Tractor Supply worth $19,824,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TSCO. Harbour Investments Inc. grew its position in shares of Tractor Supply by 397.5% in the fourth quarter. Harbour Investments Inc. now owns 4,766 shares of the specialty retailer's stock valued at $253,000 after purchasing an additional 3,808 shares during the last quarter. Corient Private Wealth LLC grew its position in Tractor Supply by 405.0% during the fourth quarter. Corient Private Wealth LLC now owns 866,509 shares of the specialty retailer's stock worth $45,977,000 after buying an additional 694,912 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Tractor Supply by 404.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 28,365 shares of the specialty retailer's stock worth $1,505,000 after buying an additional 22,739 shares in the last quarter. Pollock Investment Advisors LLC acquired a new stake in Tractor Supply during the fourth quarter worth approximately $1,492,000. Finally, Choate Investment Advisors grew its position in Tractor Supply by 389.7% during the fourth quarter. Choate Investment Advisors now owns 4,740 shares of the specialty retailer's stock worth $252,000 after buying an additional 3,772 shares in the last quarter. Institutional investors own 98.72% of the company's stock.

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Insider Buying and Selling

In other news, CEO Harry A. Lawton III sold 88,095 shares of Tractor Supply stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $54.59, for a total value of $4,809,106.05. Following the completion of the transaction, the chief executive officer now directly owns 488,852 shares of the company's stock, valued at approximately $26,686,430.68. This trade represents a 15.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Melissa Kersey sold 9,300 shares of Tractor Supply stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $53.17, for a total value of $494,481.00. Following the completion of the transaction, the executive vice president now directly owns 34,961 shares of the company's stock, valued at approximately $1,858,876.37. This trade represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,993 shares of company stock valued at $7,538,068 in the last three months. Insiders own 0.24% of the company's stock.

Tractor Supply Trading Down 1.8 %

NASDAQ:TSCO traded down $0.96 during trading hours on Thursday, hitting $51.84. 3,083,910 shares of the company were exchanged, compared to its average volume of 4,908,744. The stock has a market capitalization of $27.68 billion, a price-to-earnings ratio of 25.41, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. 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 one year low of $48.30 and a one year high of $61.53. The company has a fifty day simple moving average of $55.12 and a 200 day simple moving average of $55.70.

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 the consensus estimate of $2.28 by ($1.84). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. Sell-side analysts expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply declared that its board has authorized a stock buyback program on Thursday, February 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Tractor Supply Increases Dividend

The business also recently announced 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 is a positive change from Tractor Supply's previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a yield of 7.10%. The ex-dividend date was Wednesday, February 26th. Tractor Supply's dividend payout ratio (DPR) is currently 45.10%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Telsey Advisory Group reissued an "outperform" rating and set a $67.00 price target on shares of Tractor Supply in a research report on Thursday, January 30th. Barclays reduced their price target on Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Monday, December 30th. Wells Fargo & Company reduced their target price on Tractor Supply from $65.00 to $64.00 and set an "overweight" rating on the stock in a report on Monday, November 25th. Bank of America raised their target price on Tractor Supply from $44.00 to $53.00 and gave the company an "underperform" rating in a report on Thursday, January 16th. Finally, Mizuho raised their target price on Tractor Supply from $60.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tractor Supply presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.22.

Tractor Supply 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.