PNC Financial Services Group Inc. Has $11.53 Million Stock Holdings in Tractor Supply (NASDAQ:TSCO)

PNC Financial Services Group Inc. increased its holdings in shares of Tractor Supply (NASDAQ:TSCO - Free Report) by 401.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 217,237 shares of the specialty retailer's stock after acquiring an additional 173,894 shares during the period. PNC Financial Services Group Inc.'s holdings in Tractor Supply were worth $11,527,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Providence Capital Advisors LLC acquired a new stake in Tractor Supply during the third quarter valued at approximately $32,000. Assetmark Inc. boosted its stake in Tractor Supply by 2,383.3% in the 3rd quarter. Assetmark Inc. now owns 149 shares of the specialty retailer's stock valued at $43,000 after buying an additional 143 shares in the last quarter. Larson Financial Group LLC grew its position in Tractor Supply by 29.4% in the third quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer's stock valued at $83,000 after acquiring an additional 65 shares during the period. Ashton Thomas Securities LLC acquired a new position in Tractor Supply during the third quarter worth $90,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Tractor Supply by 13.2% during the third quarter. First Horizon Advisors Inc. now owns 351 shares of the specialty retailer's stock valued at $102,000 after acquiring an additional 41 shares during the period. Institutional investors own 98.72% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Barclays lowered their target price on shares of Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating on the stock in a report on Monday, December 30th. JPMorgan Chase & Co. raised their price objective on shares of Tractor Supply from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Bank of America increased their price target on Tractor Supply from $44.00 to $53.00 and gave the stock an "underperform" rating in a research report on Thursday, January 16th. Guggenheim reaffirmed a "buy" rating and set a $60.00 price target on shares of Tractor Supply in a report on Friday, January 31st. Finally, Truist Financial reduced their price objective on Tractor Supply from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $59.22.

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Insider Transactions at Tractor Supply

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 transaction of $4,809,106.05. Following the transaction, the chief executive officer now owns 488,852 shares in the company, valued at $26,686,430.68. The trade was a 15.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Colin Yankee sold 24,602 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $54.15, for a total value of $1,332,198.30. Following the sale, the executive vice president now directly owns 33,645 shares of the company's stock, valued at approximately $1,821,876.75. The trade was a 42.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,993 shares of company stock valued at $7,538,068 over the last three months. 0.24% of the stock is currently owned by corporate insiders.

Tractor Supply Stock Down 5.8 %

Shares of Tractor Supply stock opened at $53.92 on Wednesday. The business has a fifty day simple moving average of $55.22 and a 200 day simple moving average of $55.79. The stock has a market cap of $28.79 billion, a PE ratio of 26.43, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. The company has a quick ratio of 0.20, a current ratio of 1.43 and a debt-to-equity ratio of 0.82. Tractor Supply has a 12 month low of $48.30 and a 12 month high of $61.53.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted 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%. Research analysts predict that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply declared that its board has initiated a share buyback program on Thursday, February 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Tractor Supply Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were issued a $0.92 dividend. The ex-dividend date was Wednesday, February 26th. 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 6.82%. Tractor Supply's dividend payout ratio (DPR) is 45.10%.

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.

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