Brokerages Set Tractor Supply (NASDAQ:TSCO) PT at $58.02

Tractor Supply (NASDAQ:TSCO) has been given a consensus recommendation of “Moderate Buy” by the twenty analysts that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $58.02.

TSCO has been the topic of several recent research reports. Truist Financial cut their target price on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Stephens initiated coverage on shares of Tractor Supply in a research note on Wednesday, April 9th. They set an “equal weight” rating and a $56.00 target price on the stock. Telsey Advisory Group set a $60.00 target price on shares of Tractor Supply in a research note on Friday, April 25th. Raymond James cut their target price on shares of Tractor Supply from $61.00 to $57.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Finally, Robert W. Baird cut their target price on shares of Tractor Supply from $63.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th.

Tractor Supply Price Performance

Tractor Supply stock opened at $52.99 on Tuesday. The company’s 50 day simple moving average is $51.64 and its 200-day simple moving average is $54.08. The company has a market capitalization of $28.10 billion, a price-to-earnings ratio of 25.98, a price-to-earnings-growth ratio of 2.95 and a beta of 0.82. Tractor Supply has a 1 year low of $46.85 and a 1 year 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.

Tractor Supply (NASDAQ:TSCO) last released its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm posted $1.83 earnings per share. Tractor Supply’s revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts expect that Tractor Supply will post 2.17 earnings per share for the current year.

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

Tractor Supply Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, May 28th. Tractor Supply’s payout ratio is 45.77%.

Insider Activity

In other news, SVP Matthew L. Rubin sold 2,810 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $51.76, for a total value of $145,445.60. Following the completion of the transaction, the senior vice president now owns 29,722 shares in the company, valued at approximately $1,538,410.72. This represents a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Tractor Supply by 392.5% during the 4th quarter. Vanguard Group Inc. now owns 64,033,972 shares of the specialty retailer’s stock worth $3,397,643,000 after purchasing an additional 51,031,178 shares during the period. Wellington Management Group LLP boosted its stake in Tractor Supply by 401.8% during the 4th quarter. Wellington Management Group LLP now owns 23,789,249 shares of the specialty retailer’s stock worth $1,262,258,000 after purchasing an additional 19,048,385 shares during the period. Alliancebernstein L.P. boosted its stake in Tractor Supply by 403.3% during the 4th quarter. Alliancebernstein L.P. now owns 22,256,534 shares of the specialty retailer’s stock worth $1,180,932,000 after purchasing an additional 17,834,643 shares during the period. Capital World Investors boosted its stake in Tractor Supply by 403.7% during the 4th quarter. Capital World Investors now owns 19,433,135 shares of the specialty retailer’s stock worth $1,031,122,000 after purchasing an additional 15,575,311 shares during the period. Finally, Capital International Investors boosted its stake in Tractor Supply by 334.7% during the 4th quarter. Capital International Investors now owns 15,429,288 shares of the specialty retailer’s stock worth $818,421,000 after purchasing an additional 11,880,010 shares during the period. Institutional investors and hedge funds own 98.72% of the company’s stock.

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.