JPMorgan Chase & Co. Cuts Tractor Supply (NASDAQ:TSCO) Price Target to $56.00

Tractor Supply (NASDAQ:TSCO) had its price target decreased by JPMorgan Chase & Co. from $59.00 to $56.00 in a research note issued to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the specialty retailer’s stock.

TSCO has been the subject of several other reports. Robert W. Baird lowered their price target on Tractor Supply from $63.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Citigroup lowered their target price on Tractor Supply from $59.00 to $51.00 and set a “neutral” rating for the company in a report on Friday, April 25th. Telsey Advisory Group reiterated an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a research note on Thursday, April 24th. Truist Financial lowered their price objective on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Finally, Stephens assumed 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.02.

Tractor Supply Stock Performance

NASDAQ TSCO opened at $50.62 on Monday. The stock has a fifty day simple moving average of $52.59 and a 200-day simple moving average of $54.59. The company has a current ratio of 1.43, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82. The stock has a market cap of $26.91 billion, a PE ratio of 24.81, a P/E/G ratio of 2.95 and a beta of 0.88. Tractor Supply has a twelve month low of $46.85 and a twelve month high of $61.53.

Tractor Supply (NASDAQ:TSCO) last announced its quarterly earnings results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share 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 for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the business earned $1.83 earnings per share. Tractor Supply’s revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply declared that its board has initiated a share buyback program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Tractor Supply Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 7.27%. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s payout ratio is presently 45.77%.

Insiders Place Their Bets

In other news, CEO Harry A. Lawton III sold 88,095 shares of the firm’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 value of $4,809,106.05. Following the completion of the sale, the chief executive officer now directly owns 488,852 shares of the company’s stock, valued at $26,686,430.68. This trade represents a 15.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Matthew L. Rubin sold 3,850 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $57.69, for a total value of $222,106.50. Following the transaction, the senior vice president now directly owns 31,787 shares in the company, valued at $1,833,792.03. This represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,993 shares of company stock valued at $7,538,068. 0.65% of the stock is owned by company insiders.

Institutional Trading of Tractor Supply

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC increased its holdings in Tractor Supply by 385.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer’s stock valued at $59,260,000 after buying an additional 865,273 shares in the last quarter. BOK Financial Private Wealth Inc. grew its holdings in shares of Tractor Supply by 330.2% in the 4th quarter. BOK Financial Private Wealth Inc. now owns 21,355 shares of the specialty retailer’s stock worth $1,133,000 after acquiring an additional 16,391 shares during the period. Blueshift Asset Management LLC increased its stake in Tractor Supply by 571.8% in the 4th quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer’s stock valued at $3,545,000 after purchasing an additional 56,870 shares in the last quarter. Heritage Trust Co acquired a new position in Tractor Supply during the fourth quarter worth $1,829,000. Finally, Callan Family Office LLC purchased a new stake in Tractor Supply during the fourth quarter worth $503,000. Institutional investors and hedge funds own 98.72% of the company’s stock.

Tractor Supply Company 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.