Tractor Supply (NASDAQ:TSCO) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in shares of Tractor Supply (NASDAQ:TSCO) by 755.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 284,435 shares of the specialty retailer’s stock after purchasing an additional 251,168 shares during the period. State of Michigan Retirement System owned 0.05% of Tractor Supply worth $15,092,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Bedel Financial Consulting Inc. raised its holdings in Tractor Supply by 401.0% in the 4th quarter. Bedel Financial Consulting Inc. now owns 4,309 shares of the specialty retailer’s stock valued at $231,000 after acquiring an additional 3,449 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Tractor Supply by 401.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 141,084 shares of the specialty retailer’s stock worth $7,486,000 after buying an additional 112,930 shares during the last quarter. HFR Wealth Management LLC increased its holdings in shares of Tractor Supply by 399.6% during the 4th quarter. HFR Wealth Management LLC now owns 259,457 shares of the specialty retailer’s stock worth $13,767,000 after buying an additional 207,520 shares during the last quarter. Schechter Investment Advisors LLC increased its holdings in shares of Tractor Supply by 435.3% during the 4th quarter. Schechter Investment Advisors LLC now owns 8,640 shares of the specialty retailer’s stock worth $458,000 after buying an additional 7,026 shares during the last quarter. Finally, Meridian Wealth Management LLC increased its holdings in shares of Tractor Supply by 338.5% during the 4th quarter. Meridian Wealth Management LLC now owns 8,410 shares of the specialty retailer’s stock worth $446,000 after buying an additional 6,492 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TSCO shares. Telsey Advisory Group restated an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a report on Thursday, January 30th. Truist Financial cut their price target on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a report on Friday, January 31st. Guggenheim restated a “buy” rating and set a $60.00 price target on shares of Tractor Supply in a report on Friday, January 31st. Wells Fargo & Company cut their price target on shares of Tractor Supply from $65.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, November 25th. Finally, Evercore ISI upgraded shares of Tractor Supply from a “hold” rating to a “strong-buy” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.22.

Insider Buying and Selling at Tractor Supply

In other news, EVP Melissa Kersey sold 9,300 shares of Tractor Supply stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $53.17, for a total transaction of $494,481.00. Following the completion of the sale, the executive vice president now directly owns 34,961 shares of the company’s stock, valued at approximately $1,858,876.37. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of Tractor Supply stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $54.59, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 137,993 shares of company stock valued at $7,538,068 in the last 90 days. Company insiders own 0.24% of the company’s stock.

Tractor Supply Stock Performance

Shares of TSCO stock opened at $54.59 on Friday. The company has a quick ratio of 0.20, a current ratio of 1.43 and a debt-to-equity ratio of 0.82. Tractor Supply has a 52 week low of $48.30 and a 52 week high of $61.53. The stock has a market capitalization of $29.15 billion, a PE ratio of 26.76, a P/E/G ratio of 2.95 and a beta of 0.85. The firm has a 50 day moving average of $55.08 and a two-hundred day moving average of $55.71.

Tractor Supply (NASDAQ:TSCO) last issued its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 EPS for the quarter, missing the consensus estimate of $2.28 by ($1.84). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. On average, research analysts predict that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 6.74%. The ex-dividend date of this dividend is Wednesday, February 26th. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. Tractor Supply’s dividend payout ratio (DPR) is currently 45.10%.

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

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.