Choate Investment Advisors Grows Position in Tractor Supply (NASDAQ:TSCO)

Choate Investment Advisors lifted its stake in Tractor Supply (NASDAQ:TSCO) by 389.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,740 shares of the specialty retailer’s stock after buying an additional 3,772 shares during the quarter. Choate Investment Advisors’ holdings in Tractor Supply were worth $252,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Providence Capital Advisors LLC purchased a new position in shares of Tractor Supply in the third quarter worth $32,000. Assetmark Inc. raised its stake in Tractor Supply by 2,383.3% during the third quarter. Assetmark Inc. now owns 149 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 143 shares in the last quarter. Larson Financial Group LLC raised its stake in Tractor Supply by 29.4% during the third quarter. Larson Financial Group LLC now owns 286 shares of the specialty retailer’s stock valued at $83,000 after purchasing an additional 65 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Tractor Supply by 13.2% during the third quarter. First Horizon Advisors Inc. now owns 351 shares of the specialty retailer’s stock valued at $102,000 after purchasing an additional 41 shares in the last quarter. Finally, Icon Wealth Advisors LLC purchased a new stake in Tractor Supply during the third quarter valued at $111,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Tractor Supply Trading Up 2.5 %

NASDAQ TSCO opened at $53.13 on Tuesday. The company’s 50-day moving average price is $55.18 and its 200-day moving average price is $55.73. 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 $28.37 billion, a PE ratio of 26.04, a PEG ratio of 2.95 and a beta of 0.85. Tractor Supply has a 12 month low of $48.30 and a 12 month high of $61.53.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings results on Thursday, January 30th. The specialty retailer reported $0.44 EPS 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%. Equities research analysts forecast that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply declared that its Board of Directors has initiated a stock buyback program on Thursday, February 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Tractor Supply Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 6.93%. 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 dividend payout ratio is presently 45.10%.

Insiders Place Their Bets

In other Tractor Supply news, EVP Melissa Kersey sold 9,300 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $53.17, for a total transaction of $494,481.00. Following the transaction, the executive vice president now directly owns 34,961 shares in the company, valued at $1,858,876.37. This represents a 21.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 488,852 shares in the company, valued at approximately $26,686,430.68. The trade was a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,993 shares of company stock worth $7,538,068 in the last three months. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays decreased their price target on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Guggenheim reaffirmed a “buy” rating and set a $60.00 price target on shares of Tractor Supply in a research note on Friday, January 31st. Mizuho upped their price target on shares of Tractor Supply from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Telsey Advisory Group reaffirmed an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a research note on Thursday, January 30th. Finally, 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 note on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.