Bank of America Corp DE Boosts Holdings in Tractor Supply (NASDAQ:TSCO)

Bank of America Corp DE raised its position in Tractor Supply (NASDAQ:TSCO) by 246.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,468,293 shares of the specialty retailer’s stock after acquiring an additional 2,466,875 shares during the period. Bank of America Corp DE’s holdings in Tractor Supply were worth $184,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC grew its stake in Tractor Supply by 385.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,089,542 shares of the specialty retailer’s stock worth $59,260,000 after buying an additional 865,273 shares during the last quarter. BOK Financial Private Wealth Inc. boosted its holdings in Tractor Supply by 330.2% in the fourth 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 in the last quarter. Blueshift Asset Management LLC increased its holdings in shares of Tractor Supply by 571.8% during the fourth quarter. Blueshift Asset Management LLC now owns 66,815 shares of the specialty retailer’s stock valued at $3,545,000 after acquiring an additional 56,870 shares in the last quarter. Heritage Trust Co purchased a new position in shares of Tractor Supply in the 4th quarter valued at approximately $1,829,000. Finally, Callan Family Office LLC purchased a new position in shares of Tractor Supply in the 4th quarter valued at approximately $503,000. 98.72% of the stock is owned by hedge funds and other institutional investors.

Tractor Supply Stock Up 0.9 %

Tractor Supply stock opened at $51.42 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.43 and a quick ratio of 0.20. The stock has a market capitalization of $27.34 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 2.95 and a beta of 0.82. The business has a 50 day simple moving average of $52.04 and a 200-day simple moving average of $54.22. Tractor Supply has a 12 month low of $46.85 and a 12 month high of $61.53.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings data 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). The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.83 earnings per share. On average, analysts anticipate that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 7.16%. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, February 26th. Tractor Supply’s payout ratio is presently 45.77%.

Tractor Supply declared that its Board of Directors has authorized a stock 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 purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TSCO. Guggenheim cut their price target on shares of Tractor Supply from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Stephens initiated coverage on Tractor Supply in a research note on Wednesday, April 9th. They issued an “equal weight” rating and a $56.00 target price for the company. Mizuho dropped their price target on Tractor Supply from $62.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. reduced their price objective on Tractor Supply from $59.00 to $56.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Finally, Telsey Advisory Group set a $60.00 target price on Tractor Supply in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.02.

Insiders Place Their Bets

In related news, EVP Colin Yankee sold 24,602 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $54.15, for a total transaction of $1,332,198.30. Following the completion of the sale, the executive vice president now directly owns 33,645 shares in the company, valued at approximately $1,821,876.75. The trade was a 42.24 % 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, CFO Kurt D. Barton sold 12,146 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $56.00, for a total value of $680,176.00. Following the completion of the transaction, the chief financial officer now owns 47,715 shares in the company, valued at $2,672,040. The trade was a 20.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 40,598 shares of company stock worth $2,234,481. Corporate insiders own 0.65% of the company’s stock.

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.