Synovus Financial Corp Grows Stock Position in Tractor Supply (NASDAQ:TSCO)

Synovus Financial Corp grew its position in Tractor Supply (NASDAQ:TSCO - Free Report) by 389.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,965 shares of the specialty retailer's stock after purchasing an additional 9,520 shares during the period. Synovus Financial Corp's holdings in Tractor Supply were worth $635,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of TSCO. Vanguard Group Inc. increased its holdings in Tractor Supply by 392.5% in the 4th quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer's stock worth $3,397,643,000 after buying an additional 51,031,178 shares during the period. Wellington Management Group LLP increased its stake in shares of Tractor Supply by 401.8% in the fourth quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer's stock worth $1,262,258,000 after acquiring an additional 19,048,385 shares during the period. Alliancebernstein L.P. increased its stake in shares of Tractor Supply by 403.3% in the fourth quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer's stock worth $1,180,932,000 after acquiring an additional 17,834,643 shares during the period. Geode Capital Management LLC raised its holdings in shares of Tractor Supply by 403.2% during the fourth quarter. Geode Capital Management LLC now owns 14,519,937 shares of the specialty retailer's stock worth $768,838,000 after purchasing an additional 11,634,249 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Tractor Supply by 391.0% during the fourth quarter. JPMorgan Chase & Co. now owns 10,821,654 shares of the specialty retailer's stock valued at $574,197,000 after purchasing an additional 8,617,869 shares during the period. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Melissa Kersey sold 9,300 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 34,961 shares in the company, valued at $1,858,876.37. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Matthew L. Rubin sold 3,850 shares of Tractor Supply stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total value of $222,106.50. Following the transaction, the senior vice president now owns 31,787 shares in the company, valued at approximately $1,833,792.03. The trade was a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,993 shares of company stock worth $7,538,068. 0.65% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. 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. Mizuho raised their target price on Tractor Supply from $60.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, January 23rd. Telsey Advisory Group reissued an "outperform" rating and issued a $67.00 price target on shares of Tractor Supply in a report on Thursday, April 17th. Barclays dropped their price objective on shares of Tractor Supply from $262.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Monday, December 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Tractor Supply from $58.00 to $59.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.07.

Tractor Supply Price Performance

Shares of Tractor Supply stock traded up $0.69 during mid-day trading on Tuesday, reaching $50.28. 5,937,538 shares of the stock traded hands, compared to its average volume of 5,114,174. The stock has a market capitalization of $26.73 billion, a PE ratio of 24.65, a PEG ratio of 2.95 and a beta of 0.88. The business has a 50-day moving average of $53.48 and a 200 day moving average of $54.97. Tractor Supply has a fifty-two week low of $46.97 and a fifty-two week high of $61.53. 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 (NASDAQ:TSCO - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The specialty retailer reported $0.44 EPS for the quarter, missing the consensus estimate 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, analysts predict that Tractor Supply will post 2.17 EPS for the current year.

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

Tractor Supply Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were paid a $0.92 dividend. This is an increase from Tractor Supply's previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a dividend yield of 7.32%. The ex-dividend date was Wednesday, February 26th. Tractor Supply's dividend payout ratio (DPR) is currently 45.10%.

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.