Morey & Quinn Wealth Partners LLC Invests $393,000 in Tractor Supply (NASDAQ:TSCO)

Morey & Quinn Wealth Partners LLC purchased a new stake in Tractor Supply (NASDAQ:TSCO) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,411 shares of the specialty retailer’s stock, valued at approximately $393,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smithfield Trust Co raised its position in Tractor Supply by 286.2% during 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 in the last quarter. PrairieView Partners LLC lifted its position in shares of Tractor Supply by 400.0% during the 4th quarter. PrairieView Partners LLC now owns 500 shares of the specialty retailer’s stock worth $26,000 after buying an additional 400 shares during the last quarter. Future Financial Wealth Managment LLC lifted its position in shares of Tractor Supply by 400.0% during the 4th quarter. Future Financial Wealth Managment LLC now owns 500 shares of the specialty retailer’s stock worth $27,000 after buying an additional 400 shares during the last quarter. Archer Investment Corp boosted 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 buying an additional 400 shares in the last quarter. Finally, Kentucky Trust Co bought a new position in Tractor Supply in the fourth quarter valued at about $27,000. Institutional investors own 98.72% of the company’s stock.

Tractor Supply Stock Performance

TSCO opened at $52.83 on Wednesday. The company has a market capitalization of $28.21 billion, a price-to-earnings ratio of 25.90, a P/E/G ratio of 2.95 and a beta of 0.85. The business’s 50-day moving average price is $55.00 and its two-hundred day moving average price is $55.67. Tractor Supply has a 1 year low of $48.30 and a 1 year high of $61.53. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.43 and a quick ratio of 0.20.

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 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 expect that Tractor Supply will post 2.17 EPS for the current fiscal year.

Tractor Supply Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were issued a dividend of $0.92 per share. The ex-dividend date was Wednesday, February 26th. This is an increase from Tractor Supply’s previous quarterly dividend of $0.22. This represents a $3.68 annualized dividend and a dividend yield of 6.97%. Tractor Supply’s dividend payout ratio is 45.10%.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TSCO. Barclays reduced their target price on shares of Tractor Supply from $262.00 to $52.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Truist Financial dropped their target price on Tractor Supply from $63.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Telsey Advisory Group restated an “outperform” rating and set a $67.00 price target on shares of Tractor Supply in a research note on Thursday, January 30th. JPMorgan Chase & Co. increased their price target on shares of Tractor Supply from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Mizuho raised their price objective on shares of Tractor Supply from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.22.

Insider Buying and Selling at Tractor Supply

In other Tractor Supply news, EVP Melissa Kersey sold 9,300 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $53.17, for a total value of $494,481.00. Following the completion of the transaction, the executive vice president now owns 34,961 shares in the company, valued at $1,858,876.37. This represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $222,106.50. Following the sale, the senior vice president now owns 31,787 shares in the company, 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. Over the last three months, insiders sold 137,993 shares of company stock worth $7,538,068. 0.58% of the stock is currently owned by insiders.

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.