Zevenbergen Capital Investments LLC Grows Stake in Tractor Supply (NASDAQ:TSCO)

Zevenbergen Capital Investments LLC raised its holdings in shares of Tractor Supply (NASDAQ:TSCO - Free Report) by 400.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,625 shares of the specialty retailer's stock after acquiring an additional 14,905 shares during the period. Zevenbergen Capital Investments LLC's holdings in Tractor Supply were worth $988,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TSCO. Connor Clark & Lunn Investment Management Ltd. raised its position in Tractor Supply by 1,674.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 18,492 shares of the specialty retailer's stock worth $5,380,000 after purchasing an additional 17,450 shares during the period. First Horizon Advisors Inc. increased its holdings 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 worth $102,000 after buying an additional 41 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Tractor Supply by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 631,406 shares of the specialty retailer's stock valued at $183,695,000 after acquiring an additional 8,142 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in Tractor Supply during the 3rd quarter valued at about $431,000. Finally, Meridian Wealth Management LLC bought a new position in Tractor Supply during the 3rd quarter worth approximately $558,000. 98.72% of the stock is owned by hedge funds and other institutional investors.

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Tractor Supply Stock Down 1.3 %

Shares of Tractor Supply stock traded down $0.69 during midday trading on Friday, hitting $53.47. The company had a trading volume of 3,599,669 shares, compared to its average volume of 5,054,910. Tractor Supply has a 52-week low of $48.30 and a 52-week high of $61.53. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.20 and a current ratio of 1.43. The stock has a market capitalization of $28.55 billion, a P/E ratio of 26.21, a P/E/G ratio of 2.95 and a beta of 0.85. The company has a 50 day moving average of $55.03 and a 200 day moving average of $55.64.

Tractor Supply (NASDAQ:TSCO - Get Free Report) last released its earnings results on Thursday, January 30th. The specialty retailer reported $0.44 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%. On average, equities analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were issued a $0.92 dividend. The ex-dividend date was Wednesday, February 26th. 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 6.88%. Tractor Supply's payout ratio is 45.10%.

Tractor Supply declared that its Board of Directors has authorized a share buyback program on Thursday, February 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Loop Capital increased their price objective on Tractor Supply from $53.00 to $58.00 and gave the company a "hold" rating in a research note on Thursday, December 12th. 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. Bank of America boosted their price target on Tractor Supply from $44.00 to $53.00 and gave the company an "underperform" rating in a report on Thursday, January 16th. Telsey Advisory Group reiterated an "outperform" rating and issued a $67.00 price objective on shares of Tractor Supply in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lifted their price objective on 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 assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Tractor Supply currently has an average rating of "Moderate Buy" and an average target price of $59.22.

Insider Transactions at Tractor Supply

In related news, EVP Melissa Kersey sold 9,300 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $53.17, for a total value of $494,481.00. Following the completion of the transaction, the executive vice president now directly owns 34,961 shares in the company, valued at $1,858,876.37. The trade was a 21.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Colin Yankee sold 24,602 shares of the 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 owns 33,645 shares in the company, valued at approximately $1,821,876.75. This represents a 42.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,993 shares of company stock worth $7,538,068. Corporate insiders own 0.58% 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.