Condor Capital Management Boosts Stake in Tractor Supply (NASDAQ:TSCO)

Condor Capital Management grew its stake in Tractor Supply (NASDAQ:TSCO) by 391.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 42,779 shares of the specialty retailer’s stock after buying an additional 34,073 shares during the period. Condor Capital Management’s holdings in Tractor Supply were worth $2,270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSCO. Raymond James Financial Inc. purchased a new position in shares of Tractor Supply during the fourth quarter worth $329,458,000. Meridiem Investment Management Ltd. raised its holdings in shares of Tractor Supply by 398.9% during the fourth 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. Wellington Management Group LLP raised its holdings in shares of Tractor Supply by 3.5% during the third quarter. Wellington Management Group LLP now owns 4,740,864 shares of the specialty retailer’s stock worth $1,379,260,000 after purchasing an additional 161,503 shares during the last quarter. State Street Corp raised its holdings in shares of Tractor Supply by 1.1% during the third quarter. State Street Corp now owns 4,518,341 shares of the specialty retailer’s stock worth $1,314,521,000 after purchasing an additional 47,951 shares during the last quarter. Finally, Amundi raised its holdings in shares of Tractor Supply by 495.2% during the fourth 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. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Tractor Supply Price Performance

Shares of TSCO opened at $52.80 on Thursday. Tractor Supply has a twelve month low of $48.30 and a twelve month high of $61.53. The firm’s fifty day simple moving average is $55.12 and its 200-day simple moving average is $55.70. The firm has a market capitalization of $28.20 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 2.95 and a beta of 0.85. The company has a current ratio of 1.43, a quick ratio of 0.20 and a debt-to-equity ratio of 0.82.

Tractor Supply (NASDAQ:TSCO) last announced its quarterly earnings data 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 net margin of 7.40% and a return on equity of 49.01%. Equities analysts forecast 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. 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 6.97%. This is a positive change from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 26th. Tractor Supply’s dividend payout ratio (DPR) is presently 45.10%.

Tractor Supply declared that its board has approved a share buyback plan on Thursday, February 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TSCO shares. Truist Financial reduced their target price on shares of Tractor Supply from $63.00 to $60.00 and set a “buy” rating for the company in a report on Friday, January 31st. Guggenheim reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Tractor Supply in a report on Friday, January 31st. Bank of America lifted their price objective on shares of Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a report on Thursday, January 16th. Mizuho lifted their price objective on shares of Tractor Supply from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Finally, Barclays cut their price objective on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.22.

Insider Activity

In related news, SVP Matthew L. Rubin sold 3,850 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 31,787 shares of the company’s stock, valued at $1,833,792.03. This trade represents a 10.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of the stock in a transaction 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 directly owns 488,852 shares in the company, valued at $26,686,430.68. This trade represents a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,993 shares of company stock worth $7,538,068. 0.24% of the stock is currently owned by corporate insiders.

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.