Zurcher Kantonalbank Zurich Cantonalbank Acquires 704,896 Shares of Tractor Supply (NASDAQ:TSCO)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 379.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 890,898 shares of the specialty retailer’s stock after purchasing an additional 704,896 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.17% of Tractor Supply worth $47,271,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Raymond James Financial Inc. acquired a new position in Tractor Supply in the 4th quarter valued at $329,458,000. Meridiem Investment Management Ltd. grew its position in Tractor Supply by 398.9% in the 4th quarter. Meridiem Investment Management Ltd. now owns 5,118,785 shares of the specialty retailer’s stock worth $271,674,000 after purchasing an additional 4,092,808 shares during the last quarter. Amundi grew its position in Tractor Supply by 495.2% in the 4th quarter. Amundi now owns 4,145,992 shares of the specialty retailer’s stock worth $225,501,000 after purchasing an additional 3,449,442 shares during the last quarter. Bank of New York Mellon Corp grew its position in Tractor Supply by 403.3% in the 4th quarter. Bank of New York Mellon Corp now owns 3,912,752 shares of the specialty retailer’s stock worth $207,611,000 after purchasing an additional 3,135,384 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt grew its position in Tractor Supply by 400.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,750,000 shares of the specialty retailer’s stock worth $199,012,000 after purchasing an additional 3,000,000 shares during the last quarter. Institutional investors own 98.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Tractor Supply from $65.00 to $64.00 and set an “overweight” rating on the stock in a research report on Monday, November 25th. 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 report on Friday, January 31st. Telsey Advisory Group reiterated an “outperform” rating and set a $67.00 target price on shares of Tractor Supply in a research report on Thursday, January 30th. JPMorgan Chase & Co. lifted their price target on shares of Tractor Supply from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Guggenheim reissued a “buy” rating and set a $60.00 price target on shares of Tractor Supply in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Tractor Supply has an average rating of “Moderate Buy” and a consensus price target of $59.22.

Insider Activity at Tractor Supply

In other news, SVP Matthew L. Rubin sold 3,850 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $57.69, for a total value of $222,106.50. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were 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 of the company’s stock, valued at $26,686,430.68. This trade represents a 15.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,993 shares of company stock worth $7,538,068. 0.24% of the stock is currently owned by company insiders.

Tractor Supply Trading Up 0.6 %

TSCO opened at $57.21 on Tuesday. 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 company has a market cap of $30.55 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 2.95 and a beta of 0.85. The firm has a 50 day simple moving average of $55.20 and a 200 day simple moving average of $55.79. Tractor Supply has a fifty-two week low of $48.30 and a fifty-two week high of $61.53.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.84). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. On average, sell-side analysts anticipate that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Wednesday, February 26th will be issued a dividend of $0.92 per share. The ex-dividend date is Wednesday, February 26th. This represents a $3.68 dividend on an annualized basis and a yield of 6.43%. This is a boost from Tractor Supply’s previous quarterly dividend of $0.22. Tractor Supply’s payout ratio is currently 45.10%.

Tractor Supply declared that its board has authorized a stock buyback plan on Thursday, February 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.