Corebridge Financial Inc. Acquires 109,177 Shares of Tractor Supply (NASDAQ:TSCO)

Corebridge Financial Inc. raised its holdings in Tractor Supply (NASDAQ:TSCO) by 385.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 137,523 shares of the specialty retailer’s stock after buying an additional 109,177 shares during the period. Corebridge Financial Inc.’s holdings in Tractor Supply were worth $7,297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in TSCO. Larson Financial Group LLC lifted its position in Tractor Supply by 29.4% in the 3rd quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer’s stock valued at $83,000 after acquiring an additional 65 shares in the last quarter. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Tractor Supply by 7.1% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 978 shares of the specialty retailer’s stock valued at $285,000 after purchasing an additional 65 shares in the last quarter. Synergy Financial Group LTD lifted its holdings in shares of Tractor Supply by 12.4% in the third quarter. Synergy Financial Group LTD now owns 1,090 shares of the specialty retailer’s stock valued at $317,000 after purchasing an additional 120 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Tractor Supply by 0.5% during the third quarter. Rockefeller Capital Management L.P. now owns 27,710 shares of the specialty retailer’s stock valued at $8,058,000 after buying an additional 141 shares during the last quarter. Finally, Fiduciary Trust Co grew its holdings in Tractor Supply by 1.6% during the third quarter. Fiduciary Trust Co now owns 12,110 shares of the specialty retailer’s stock worth $3,523,000 after buying an additional 191 shares in the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tractor Supply

In other news, EVP Melissa Kersey sold 9,300 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $53.17, for a total transaction of $494,481.00. Following the completion of the transaction, the executive vice president now 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 488,852 shares in the company, 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. Over the last 90 days, insiders sold 137,993 shares of company stock valued at $7,538,068. Corporate insiders own 0.58% of the company’s stock.

Tractor Supply Stock Down 1.3 %

Tractor Supply stock opened at $53.47 on Friday. The firm has a market capitalization of $28.55 billion, a price-to-earnings ratio of 26.21, a P/E/G ratio of 2.95 and a beta of 0.85. The firm has a 50 day simple moving average of $55.03 and a 200 day simple moving average of $55.64. Tractor Supply has a 1-year low of $48.30 and a 1-year high of $61.53. The company has a current ratio of 1.43, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82.

Tractor Supply (NASDAQ:TSCO) last released its quarterly earnings data 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 net margin of 7.40% and a return on equity of 49.01%. On average, analysts predict 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 plan on Thursday, February 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were given a $0.92 dividend. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend was Wednesday, February 26th. Tractor Supply’s dividend payout ratio (DPR) is 45.10%.

Analyst Ratings Changes

TSCO has been the topic of several recent analyst reports. Bank of America raised their price objective on Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a research note on Thursday, January 16th. Truist Financial cut their price target on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Barclays decreased their price objective on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Telsey Advisory Group restated an “outperform” rating and issued a $67.00 target price on shares of Tractor Supply in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. increased their price target on Tractor Supply from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Tractor Supply presently has an average rating of “Moderate Buy” and a consensus target price of $59.22.

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.