Sagespring Wealth Partners LLC Invests $1.75 Million in Tractor Supply (NASDAQ:TSCO)

Sagespring Wealth Partners LLC purchased a new stake in Tractor Supply (NASDAQ:TSCO) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 32,962 shares of the specialty retailer’s stock, valued at approximately $1,749,000.

Several other hedge funds have also recently bought and sold shares of the stock. CIBC Private Wealth Group LLC grew its position in Tractor Supply by 385.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer’s stock worth $59,260,000 after acquiring an additional 865,273 shares during the last quarter. BOK Financial Private Wealth Inc. raised its holdings in shares of Tractor Supply by 330.2% in the fourth quarter. BOK Financial Private Wealth Inc. now owns 21,355 shares of the specialty retailer’s stock valued at $1,133,000 after buying an additional 16,391 shares during the last quarter. Blueshift Asset Management LLC raised its holdings in shares of Tractor Supply by 571.8% in the fourth quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer’s stock valued at $3,545,000 after buying an additional 56,870 shares during the last quarter. Callan Family Office LLC acquired a new position in Tractor Supply during the 4th quarter worth about $503,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tractor Supply by 379.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 890,898 shares of the specialty retailer’s stock worth $47,271,000 after acquiring an additional 704,896 shares during the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Harry A. Lawton III sold 88,095 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $54.59, for a total value of $4,809,106.05. Following the completion of the transaction, the chief executive officer now owns 488,852 shares of the company’s stock, valued at approximately $26,686,430.68. This represents a 15.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew L. Rubin sold 3,850 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total transaction of $222,106.50. Following the sale, the senior vice president now directly 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. Insiders sold 137,993 shares of company stock worth $7,538,068 over the last three months. Insiders own 0.24% of the company’s stock.

Tractor Supply Stock Up 0.7 %

Shares of TSCO opened at $51.67 on Monday. The firm has a market cap of $27.47 billion, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 2.95 and a beta of 0.88. 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 52 week low of $46.97 and a 52 week high of $61.53. The firm’s 50-day simple moving average is $54.07 and its 200 day simple moving average is $55.35.

Tractor Supply (NASDAQ:TSCO) last announced 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 return on equity of 49.01% and a net margin of 7.40%. On average, analysts forecast that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply announced that its board has authorized a stock buyback program on Thursday, February 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were given a dividend of $0.92 per share. This is an increase from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a yield of 7.12%. The ex-dividend date of this dividend was Wednesday, February 26th. Tractor Supply’s payout ratio is currently 45.10%.

Wall Street Analyst Weigh In

TSCO has been the topic of a number of recent research reports. Truist Financial decreased their price objective on Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Guggenheim reiterated a “buy” rating and set a $60.00 price target on shares of Tractor Supply in a research report on Friday, January 31st. Stephens initiated coverage on shares of Tractor Supply in a report on Wednesday, April 9th. They issued an “equal weight” rating and a $56.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Bank of America increased their price target on Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a research note on Thursday, January 16th. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.07.

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.