Envestnet Asset Management Inc. Buys 3,874,333 Shares of Tractor Supply (NASDAQ:TSCO)

Envestnet Asset Management Inc. boosted its stake in Tractor Supply (NASDAQ:TSCO) by 383.4% in the 4th quarter, Holdings Channel reports. The firm owned 4,884,923 shares of the specialty retailer’s stock after acquiring an additional 3,874,333 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Tractor Supply were worth $259,194,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TSCO. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Tractor Supply by 82.6% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 7,850 shares of the specialty retailer’s stock worth $417,000 after buying an additional 3,550 shares in the last quarter. Aviva PLC lifted its stake in Tractor Supply by 390.9% in the 4th quarter. Aviva PLC now owns 802,685 shares of the specialty retailer’s stock worth $42,590,000 after purchasing an additional 639,173 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in Tractor Supply in the 4th quarter valued at $9,363,000. Islay Capital Management LLC boosted its holdings in Tractor Supply by 407.2% in the 4th quarter. Islay Capital Management LLC now owns 19,100 shares of the specialty retailer’s stock valued at $1,013,000 after purchasing an additional 15,334 shares during the period. Finally, Somerville Kurt F grew its position in shares of Tractor Supply by 400.0% during the 4th quarter. Somerville Kurt F now owns 7,500 shares of the specialty retailer’s stock valued at $398,000 after purchasing an additional 6,000 shares in the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Insider Transactions at Tractor Supply

In other Tractor Supply 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 transaction of $222,106.50. Following the completion of the transaction, the senior vice president now owns 31,787 shares of the company’s stock, valued at $1,833,792.03. This represents a 10.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Harry A. Lawton III sold 88,095 shares of Tractor Supply stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $54.59, for a total value of $4,809,106.05. Following the completion of the sale, the chief executive officer now owns 488,852 shares in the company, valued at approximately $26,686,430.68. This represents a 15.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,993 shares of company stock worth $7,538,068. Company insiders own 0.24% of the company’s stock.

Tractor Supply Price Performance

TSCO opened at $52.40 on Friday. 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 stock’s 50 day simple moving average is $54.84 and its 200 day simple moving average is $55.61. The firm has a market cap of $27.86 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.95 and a beta of 0.88. Tractor Supply has a 1 year low of $48.30 and a 1 year high of $61.53.

Tractor Supply (NASDAQ:TSCO) last issued its earnings results on Thursday, January 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($1.84). Tractor Supply had a return on equity of 49.01% and a net margin of 7.40%. As a group, analysts predict that Tractor Supply will post 2.17 earnings per share for the current year.

Tractor Supply declared that its Board of Directors has approved a stock buyback program on Thursday, February 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

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 paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 7.02%. This is an increase from Tractor Supply’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, February 26th. Tractor Supply’s dividend payout ratio is 45.10%.

Analyst Upgrades and Downgrades

TSCO has been the subject of several research analyst reports. Loop Capital lifted their price objective on Tractor Supply from $53.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Bank of America lifted their price target on Tractor Supply from $44.00 to $53.00 and gave the company an “underperform” rating in a research report on Thursday, January 16th. Barclays cut their price objective on Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Guggenheim reaffirmed a “buy” rating and issued a $60.00 target price on shares of Tractor Supply in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tractor Supply presently has an average rating of “Moderate Buy” and an average price target of $59.22.

About Tractor Supply

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.