Tractor Supply (NASDAQ:TSCO) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Tractor Supply (NASDAQ:TSCO) released its quarterly earnings results on Thursday. The specialty retailer reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.01, reports. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.49 billion. Tractor Supply had a return on equity of 51.84% and a net margin of 7.65%. Tractor Supply updated its FY 2024 guidance to 10.100-10.400 EPS and its FY24 guidance to $10.10-10.40 EPS.

Tractor Supply Stock Performance

Shares of NASDAQ TSCO opened at $272.77 on Friday. Tractor Supply has a 12-month low of $185.00 and a 12-month high of $307.64. The firm has a market capitalization of $29.41 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 3.66 and a beta of 0.80. The company has a current ratio of 1.43, a quick ratio of 0.25 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $282.24 and a 200 day moving average of $273.05.

Tractor Supply Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 26th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, August 26th. Tractor Supply’s payout ratio is 42.84%.

Insiders Place Their Bets

In other news, CFO Kurt D. Barton sold 23,532 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $295.64, for a total transaction of $6,957,000.48. Following the completion of the sale, the chief financial officer now owns 9,683 shares of the company’s stock, valued at $2,862,682.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Kurt D. Barton sold 23,532 shares of Tractor Supply stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $295.64, for a total transaction of $6,957,000.48. Following the transaction, the chief financial officer now directly owns 9,683 shares in the company, valued at approximately $2,862,682.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Matthew L. Rubin sold 540 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $262.35, for a total value of $141,669.00. Following the sale, the senior vice president now directly owns 5,170 shares of the company’s stock, valued at $1,356,349.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Tractor Supply

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TSCO. Price T Rowe Associates Inc. MD increased its stake in shares of Tractor Supply by 12.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,330,621 shares of the specialty retailer’s stock worth $871,691,000 after purchasing an additional 368,859 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Tractor Supply by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,123,280 shares of the specialty retailer’s stock worth $303,278,000 after buying an additional 110,342 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Tractor Supply by 4.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 800,463 shares of the specialty retailer’s stock valued at $216,125,000 after acquiring an additional 37,071 shares during the period. Clearbridge Investments LLC lifted its position in shares of Tractor Supply by 67.4% in the second quarter. Clearbridge Investments LLC now owns 403,710 shares of the specialty retailer’s stock valued at $109,002,000 after acquiring an additional 162,533 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Tractor Supply by 5.6% in the second quarter. Principal Financial Group Inc. now owns 368,161 shares of the specialty retailer’s stock worth $99,403,000 after acquiring an additional 19,393 shares during the period. 98.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Evercore ISI cut shares of Tractor Supply from an “outperform” rating to an “in-line” rating and set a $300.00 target price on the stock. in a report on Thursday, October 3rd. JPMorgan Chase & Co. upped their price objective on shares of Tractor Supply from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Raymond James raised their target price on shares of Tractor Supply from $285.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday. DA Davidson boosted their price target on Tractor Supply from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Citigroup downgraded Tractor Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $277.70.

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.