Robert W. Baird Cuts Tractor Supply (NASDAQ:TSCO) Price Target to $56.00

Tractor Supply (NASDAQ:TSCO) had its target price decreased by Robert W. Baird from $63.00 to $56.00 in a research note issued to investors on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the specialty retailer’s stock.

Other research analysts also recently issued reports about the company. Guggenheim reissued a “buy” rating and issued a $60.00 price objective on shares of Tractor Supply in a research note on Friday, January 31st. Bank of America upped their target price on shares of Tractor Supply from $44.00 to $53.00 and gave the stock an “underperform” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. raised their price target on shares of Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Stephens started coverage on shares of Tractor Supply in a research note on Wednesday, April 9th. They set an “equal weight” rating and a $56.00 price objective for the company. Finally, Truist Financial decreased their target price on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.62.

Tractor Supply Stock Up 1.9 %

Shares of TSCO opened at $49.92 on Friday. Tractor Supply has a 12 month low of $46.85 and a 12 month high of $61.53. The firm has a market cap of $26.54 billion, a P/E ratio of 24.47, a PEG ratio of 2.95 and a beta of 0.88. 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’s 50 day moving average is $53.04 and its two-hundred day moving average is $54.73.

Tractor Supply (NASDAQ:TSCO) last released its earnings results on Thursday, April 24th. The specialty retailer reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. The company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Analysts predict that Tractor Supply will post 2.17 earnings per share for the current fiscal year.

Tractor Supply Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th were paid a dividend of $0.92 per share. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a yield of 7.37%. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s dividend payout ratio (DPR) is currently 45.77%.

Tractor Supply declared that its board has approved a stock repurchase program on Thursday, February 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits 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.

Insider Activity

In related news, SVP Matthew L. Rubin sold 3,850 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 31,787 shares in the company, valued at $1,833,792.03. This represents a 10.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Melissa Kersey sold 9,300 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $53.17, for a total value 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. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,993 shares of company stock valued at $7,538,068 in the last ninety days. 0.65% of the stock is currently owned by company insiders.

Institutional Trading of Tractor Supply

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

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.