Merit Financial Group LLC Increases Stake in Tractor Supply (NASDAQ:TSCO)

Merit Financial Group LLC increased its position in shares of Tractor Supply (NASDAQ:TSCO) by 20.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,689 shares of the specialty retailer’s stock after buying an additional 5,125 shares during the period. Merit Financial Group LLC’s holdings in Tractor Supply were worth $1,636,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Smithfield Trust Co grew its stake in Tractor Supply by 286.2% in the fourth quarter. Smithfield Trust Co now owns 475 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 352 shares during the last quarter. Coppell Advisory Solutions LLC grew its stake in Tractor Supply by 944.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 470 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 425 shares during the last quarter. PrairieView Partners LLC grew its stake in Tractor Supply by 400.0% in the fourth quarter. PrairieView Partners LLC now owns 500 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 400 shares during the last quarter. Archer Investment Corp grew its stake in Tractor Supply by 400.0% in the fourth quarter. Archer Investment Corp now owns 500 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 400 shares during the last quarter. Finally, Kentucky Trust Co purchased a new position in Tractor Supply in the fourth quarter valued at about $27,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Tractor Supply Trading Down 1.0%

Shares of NASDAQ:TSCO opened at $50.94 on Friday. Tractor Supply has a 12-month low of $46.85 and a 12-month high of $61.53. The company has a market capitalization of $27.01 billion, a PE ratio of 24.97, a PEG ratio of 2.95 and a beta of 0.74. The business has a 50 day moving average of $50.69 and a two-hundred day moving average of $53.51. 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 results on Thursday, April 24th. The specialty retailer reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Tractor Supply had a net margin of 7.40% and a return on equity of 49.01%. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, analysts forecast that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Wednesday, May 28th. Tractor Supply’s payout ratio is 45.77%.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Raymond James cut their target price on Tractor Supply from $61.00 to $57.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Guggenheim dropped their price target on Tractor Supply from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Citigroup dropped their price target on Tractor Supply from $59.00 to $51.00 and set a “neutral” rating on the stock in a research note on Friday, April 25th. Wall Street Zen lowered Tractor Supply from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Robert W. Baird dropped their price target on Tractor Supply from $63.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tractor Supply currently has an average rating of “Moderate Buy” and an average target price of $58.02.

Insider Transactions at Tractor Supply

In other news, SVP Matthew L. Rubin sold 2,810 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $51.76, for a total transaction of $145,445.60. Following the completion of the transaction, the senior vice president now directly owns 29,722 shares of the company’s stock, valued at $1,538,410.72. This represents a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.65% of the company’s stock.

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.