Summit Financial LLC Takes $1.12 Million Position in Tractor Supply (NASDAQ:TSCO)

Summit Financial LLC acquired a new stake in Tractor Supply (NASDAQ:TSCO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 21,095 shares of the specialty retailer's stock, valued at approximately $1,119,000.

A number of other hedge funds also recently made changes to their positions in TSCO. Vanguard Group Inc. grew its holdings in Tractor Supply by 392.5% during the 4th quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer's stock valued at $3,397,643,000 after purchasing an additional 51,031,178 shares in the last quarter. Wellington Management Group LLP boosted its position in Tractor Supply by 401.8% in the 4th quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer's stock valued at $1,262,258,000 after buying an additional 19,048,385 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Tractor Supply by 403.3% during the fourth quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer's stock valued at $1,180,932,000 after acquiring an additional 17,834,643 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Tractor Supply by 391.0% during the fourth quarter. JPMorgan Chase & Co. now owns 10,821,654 shares of the specialty retailer's stock worth $574,197,000 after acquiring an additional 8,617,869 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Tractor Supply in the fourth quarter worth about $329,458,000. Hedge funds and other institutional investors own 98.72% of the company's stock.

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Tractor Supply Stock Performance

Shares of Tractor Supply stock traded down $3.37 during trading on Friday, hitting $52.40. 7,533,363 shares of the stock were exchanged, compared to its average volume of 5,086,192. 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 has a 12 month low of $48.30 and a 12 month high of $61.53. The stock's fifty day moving average is $54.84 and its 200 day moving average is $55.61. The stock has a market cap of $27.86 billion, a PE ratio of 25.69, a P/E/G ratio of 2.95 and a beta of 0.88.

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 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%. As a group, sell-side analysts anticipate that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were given a $0.92 dividend. This is a boost from Tractor Supply's previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a yield of 7.02%. The ex-dividend date was Wednesday, February 26th. Tractor Supply's dividend payout ratio (DPR) is currently 45.10%.

Tractor Supply announced that its board has approved a share buyback program on Thursday, February 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Guggenheim restated a "buy" rating and set a $60.00 price objective on shares of Tractor Supply in a research note on Friday, January 31st. Bank of America raised their price target on shares of Tractor Supply from $44.00 to $53.00 and gave the stock an "underperform" rating in a research report on Thursday, January 16th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Tractor Supply in a report on Thursday, January 30th. Loop Capital raised their price objective on shares of Tractor Supply from $53.00 to $58.00 and gave the stock a "hold" rating in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Tractor Supply from $58.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tractor Supply has a consensus rating of "Moderate Buy" and an average price target of $59.22.

Insider Buying and Selling at Tractor Supply

In other news, CEO Harry A. Lawton III sold 88,095 shares of the firm's stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kurt D. Barton sold 12,146 shares of the company's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $56.00, for a total transaction of $680,176.00. Following the completion of the sale, the chief financial officer now directly owns 47,715 shares of the company's stock, valued at $2,672,040. The trade was a 20.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,993 shares of company stock valued at $7,538,068 in the last quarter. Corporate insiders own 0.24% of the company's stock.

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.