Washington Trust Bank Raises Holdings in Tractor Supply (NASDAQ:TSCO)

Washington Trust Bank lifted its stake in Tractor Supply (NASDAQ:TSCO - Free Report) by 383.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,460 shares of the specialty retailer's stock after acquiring an additional 5,918 shares during the period. Washington Trust Bank's holdings in Tractor Supply were worth $396,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in Tractor Supply in the fourth quarter valued at approximately $329,458,000. Meridiem Investment Management Ltd. lifted its holdings in shares of Tractor Supply by 398.9% during the 4th 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 last quarter. Wellington Management Group LLP boosted its position in shares of Tractor Supply by 3.5% in the 3rd 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 grew its stake 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 buying an additional 47,951 shares during the last quarter. Finally, Amundi increased 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 buying an additional 3,449,442 shares in the last quarter. 98.72% of the stock is owned by institutional investors.

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Insider Activity at Tractor Supply

In other Tractor Supply news, CEO Harry A. Lawton III sold 88,095 shares of the firm's stock in a transaction that occurred on 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 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 this hyperlink. Also, SVP Matthew L. Rubin sold 3,850 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were 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 $1,833,792.03. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 137,993 shares of company stock worth $7,538,068 in the last 90 days. Corporate insiders own 0.58% of the company's stock.

Tractor Supply Stock Performance

Shares of NASDAQ TSCO traded up $1.04 during midday trading on Wednesday, reaching $53.87. 2,454,464 shares of the stock were exchanged, compared to its average volume of 4,886,411. The company has a quick ratio of 0.20, a current ratio of 1.43 and a debt-to-equity ratio of 0.82. The firm has a 50-day simple moving average of $55.00 and a two-hundred day simple moving average of $55.67. Tractor Supply has a twelve month low of $48.30 and a twelve month high of $61.53. The firm has a market cap of $28.77 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 2.95 and a beta of 0.85.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last announced 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 anticipate that Tractor Supply will post 2.17 EPS for the current fiscal year.

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

Tractor Supply Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 6.83%. The ex-dividend date of this dividend was Wednesday, February 26th. This is a positive change from Tractor Supply's previous quarterly dividend of $0.22. Tractor Supply's payout ratio is currently 45.10%.

Analysts Set New Price Targets

Several brokerages have weighed in on TSCO. Loop Capital raised their price target on Tractor Supply from $53.00 to $58.00 and gave the stock a "hold" rating in a report on Thursday, December 12th. 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 research report on Monday, December 30th. Bank of America upped their price target on shares of Tractor Supply from $44.00 to $53.00 and gave the company an "underperform" rating in a research note on Thursday, January 16th. Truist Financial lowered their price objective on shares of Tractor Supply from $63.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Finally, Guggenheim reissued a "buy" rating and issued a $60.00 target price on shares of Tractor Supply 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 given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tractor Supply has a consensus rating of "Moderate Buy" and a consensus price target 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.