Lowe Brockenbrough & Co. Inc. Increases Stock Position in Tractor Supply (NASDAQ:TSCO)

Lowe Brockenbrough & Co. Inc. increased its holdings in shares of Tractor Supply (NASDAQ:TSCO - Free Report) by 389.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,510 shares of the specialty retailer's stock after acquiring an additional 7,568 shares during the period. Lowe Brockenbrough & Co. Inc.'s holdings in Tractor Supply were worth $505,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Tractor Supply in the 4th quarter worth about $329,458,000. Meridiem Investment Management Ltd. boosted its holdings in shares of Tractor Supply by 398.9% in the fourth quarter. Meridiem Investment Management Ltd. now owns 5,118,785 shares of the specialty retailer's stock valued at $271,674,000 after purchasing an additional 4,092,808 shares during the period. Wellington Management Group LLP grew its stake in Tractor Supply by 3.5% in the third quarter. Wellington Management Group LLP now owns 4,740,864 shares of the specialty retailer's stock worth $1,379,260,000 after purchasing an additional 161,503 shares in the last quarter. State Street Corp increased its holdings in Tractor Supply by 1.1% during the 3rd quarter. State Street Corp now owns 4,518,341 shares of the specialty retailer's stock worth $1,314,521,000 after purchasing an additional 47,951 shares during the period. Finally, Amundi raised its position in Tractor Supply by 495.2% during the 4th quarter. Amundi now owns 4,145,992 shares of the specialty retailer's stock valued at $225,501,000 after purchasing an additional 3,449,442 shares in the last quarter. Hedge funds and other institutional investors own 98.72% of the company's stock.

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Insider Activity

In other Tractor Supply news, EVP Colin Yankee sold 24,602 shares of the company's stock in a transaction on Tuesday, February 11th. The shares were 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. This represents a 42.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Harry A. Lawton III sold 88,095 shares of the 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 sale, the chief executive officer now directly owns 488,852 shares in the company, valued at $26,686,430.68. This represents a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,993 shares of company stock valued at $7,538,068. Company insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TSCO. Mizuho increased their price target on Tractor Supply from $60.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd. Barclays dropped 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. Wells Fargo & Company reduced their price target on shares of Tractor Supply from $65.00 to $64.00 and set an "overweight" rating for the company in a report on Monday, November 25th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Tractor Supply in a research report on Thursday, January 30th. Finally, Truist Financial cut their price objective on shares of Tractor Supply from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, January 31st. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $59.22.

Tractor Supply Stock Performance

Shares of Tractor Supply stock traded down $0.70 during midday trading on Tuesday, hitting $52.83. The company had a trading volume of 3,243,363 shares, compared to its average volume of 4,896,553. The company has a fifty day simple moving average of $55.00 and a 200 day simple moving average of $55.67. The stock has a market cap of $28.21 billion, a price-to-earnings ratio of 25.90, 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 12-month low of $48.30 and a 12-month high of $61.53.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last posted its quarterly 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 return on equity of 49.01% and a net margin of 7.40%. As a group, analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Tractor Supply Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 6.97%. The ex-dividend date of this dividend was Wednesday, February 26th. This is an increase from Tractor Supply's previous quarterly dividend of $0.22. Tractor Supply's payout ratio is presently 45.10%.

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.