SouthState Corp Acquires 26,467 Shares of Tractor Supply (NASDAQ:TSCO)

SouthState Corp raised its holdings in shares of Tractor Supply (NASDAQ:TSCO) by 749.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,000 shares of the specialty retailer’s stock after purchasing an additional 26,467 shares during the period. SouthState Corp’s holdings in Tractor Supply were worth $1,592,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of TSCO. Assetmark Inc. grew its holdings in shares of Tractor Supply by 2,383.3% in the third quarter. Assetmark Inc. now owns 149 shares of the specialty retailer’s stock worth $43,000 after acquiring an additional 143 shares during the period. Harbour Investments Inc. increased its position in shares of Tractor Supply by 4.6% during the 3rd quarter. Harbour Investments Inc. now owns 958 shares of the specialty retailer’s stock valued at $279,000 after purchasing an additional 42 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Tractor Supply in the 3rd quarter worth approximately $474,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Tractor Supply by 34.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 4,109 shares of the specialty retailer’s stock worth $1,195,000 after buying an additional 1,063 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in Tractor Supply by 8.3% during the third quarter. CIBC Asset Management Inc now owns 15,743 shares of the specialty retailer’s stock valued at $4,580,000 after buying an additional 1,210 shares during the period. Institutional investors own 98.72% of the company’s stock.

Tractor Supply Price Performance

Shares of Tractor Supply stock opened at $53.13 on Tuesday. 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 has a 12 month low of $48.30 and a 12 month high of $61.53. The stock has a 50 day moving average of $55.18 and a 200 day moving average of $55.73. The firm 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 (NASDAQ:TSCO) last posted its earnings results 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%. On average, research analysts expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

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

Tractor Supply Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend 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 currently 45.10%.

Insider Activity at Tractor Supply

In related news, CEO Harry A. Lawton III sold 88,095 shares of the stock in a transaction on 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 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Matthew L. Rubin sold 3,850 shares of Tractor Supply stock in a transaction 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 transaction, the senior vice president now directly owns 31,787 shares of the company’s stock, valued at $1,833,792.03. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,993 shares of company stock valued at $7,538,068. Insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Loop Capital lifted their price target on shares of Tractor Supply from $53.00 to $58.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Barclays lowered their target price on Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Monday, December 30th. Bank of America upped their price target on Tractor Supply from $44.00 to $53.00 and gave the stock an “underperform” rating in a research report on Thursday, January 16th. Guggenheim reaffirmed a “buy” rating and set a $60.00 price objective on shares of Tractor Supply in a research report on Friday, January 31st. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $67.00 target price on shares of Tractor Supply in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.