Royal London Asset Management Ltd. Raises Stake in Tractor Supply (NASDAQ:TSCO)

Royal London Asset Management Ltd. raised its position in Tractor Supply (NASDAQ:TSCO - Free Report) by 438.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 374,037 shares of the specialty retailer's stock after buying an additional 304,528 shares during the period. Royal London Asset Management Ltd. owned about 0.07% of Tractor Supply worth $19,846,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TSCO. Baldwin Investment Management LLC raised its stake in Tractor Supply by 0.3% in the 3rd quarter. Baldwin Investment Management LLC now owns 11,402 shares of the specialty retailer's stock valued at $3,317,000 after purchasing an additional 38 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Tractor Supply by 13.2% in the third quarter. First Horizon Advisors Inc. now owns 351 shares of the specialty retailer's stock valued at $102,000 after buying an additional 41 shares during the last quarter. Cynosure Group LLC raised its position in shares of Tractor Supply by 2.8% in the third quarter. Cynosure Group LLC now owns 1,529 shares of the specialty retailer's stock valued at $445,000 after buying an additional 42 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Tractor Supply by 29.4% in the third quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer's stock worth $83,000 after buying an additional 65 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co boosted its position in Tractor Supply by 7.1% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 978 shares of the specialty retailer's stock worth $285,000 after acquiring an additional 65 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company's stock.

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Insider Activity

In other 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 value of $4,809,106.05. Following the completion of the transaction, the chief executive officer now owns 488,852 shares in the company, valued at approximately $26,686,430.68. This represents a 15.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Matthew L. Rubin sold 3,850 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $57.69, for a total transaction of $222,106.50. Following the completion of the transaction, the senior vice president now directly owns 31,787 shares in the company, valued at $1,833,792.03. This trade represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,993 shares of company stock worth $7,538,068. 0.58% of the stock is currently owned by corporate insiders.

Tractor Supply Stock Up 2.0 %

TSCO stock traded up $1.04 during midday trading on Wednesday, hitting $53.87. The company's stock had a trading volume of 2,454,464 shares, compared to its average volume of 4,886,410. The firm has a 50-day simple moving average of $55.00 and a 200-day simple moving average of $55.67. The firm has a market capitalization of $28.77 billion, a P/E ratio of 26.41, a PEG 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 52-week low of $48.30 and a 52-week high of $61.53.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share 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%. As a group, equities analysts forecast that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply announced that its board has approved a share buyback program on Thursday, February 13th that permits the company to buyback $1.00 billion in outstanding 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 usually a sign that the company's board believes its shares are undervalued.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were given a $0.92 dividend. The ex-dividend date was Wednesday, February 26th. This is an increase from Tractor Supply's previous quarterly dividend of $0.22. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.83%. Tractor Supply's dividend payout ratio is currently 45.10%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Tractor Supply from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Mizuho upped 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. Barclays cut their target price on Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating for the company in a research note on Monday, December 30th. Guggenheim reissued a "buy" rating and set a $60.00 price target on shares of Tractor Supply in a research report on Friday, January 31st. Finally, Truist Financial reduced their target price on shares of 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.