Covenant Asset Management LLC increased its position in shares of Tractor Supply (NASDAQ:TSCO – Free Report) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,250 shares of the specialty retailer’s stock after buying an additional 135 shares during the quarter. Covenant Asset Management LLC’s holdings in Tractor Supply were worth $719,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in TSCO. Norges Bank acquired a new position in Tractor Supply during the 4th quarter worth approximately $264,936,000. Alliancebernstein L.P. raised its stake in Tractor Supply by 84.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,159,008 shares of the specialty retailer’s stock worth $485,712,000 after buying an additional 985,799 shares during the period. Morgan Stanley raised its stake in Tractor Supply by 30.8% during the 4th quarter. Morgan Stanley now owns 1,642,115 shares of the specialty retailer’s stock worth $369,427,000 after buying an additional 387,155 shares during the period. Findlay Park Partners LLP acquired a new position in Tractor Supply during the 1st quarter worth approximately $64,548,000. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Tractor Supply by 262.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 322,907 shares of the specialty retailer’s stock worth $73,683,000 after purchasing an additional 233,845 shares during the last quarter. 90.38% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Tractor Supply
In other news, CFO Kurt D. Barton sold 7,487 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $222.43, for a total value of $1,665,333.41. Following the completion of the transaction, the chief financial officer now directly owns 19,574 shares of the company’s stock, valued at $4,353,844.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.24% of the company’s stock.
Tractor Supply Stock Performance
Tractor Supply (NASDAQ:TSCO – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The specialty retailer reported $3.83 earnings per share for the quarter, missing the consensus estimate of $3.91 by ($0.08). Tractor Supply had a net margin of 7.52% and a return on equity of 55.57%. The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same period last year, the company posted $3.53 earnings per share. Tractor Supply’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that Tractor Supply will post 10.27 EPS for the current fiscal year.
Tractor Supply Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 28th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Friday, August 25th. Tractor Supply’s payout ratio is currently 41.16%.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. Truist Financial lowered their price objective on Tractor Supply from $280.00 to $275.00 in a research note on Wednesday, July 12th. Telsey Advisory Group reissued an “outperform” rating and issued a $265.00 price objective on shares of Tractor Supply in a research note on Friday, July 28th. Piper Sandler lowered their price objective on Tractor Supply from $262.00 to $256.00 and set an “overweight” rating for the company in a research note on Friday, July 28th. StockNews.com assumed coverage on Tractor Supply in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Wedbush lowered their price objective on Tractor Supply from $240.00 to $230.00 and set a “neutral” rating for the company in a research note on Friday, July 28th. Ten research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tractor Supply currently has an average rating of “Moderate Buy” and a consensus price target of $246.83.
Tractor Supply Company Profile
Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, such as heating products, lawn and garden items, power equipment, gifts, and toys; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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