TD Cowen Cuts Tractor Supply (NASDAQ:TSCO) Price Target to $55.00

Tractor Supply (NASDAQ:TSCO) had its price objective trimmed by TD Cowen from $62.00 to $55.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the specialty retailer’s stock.

Several other brokerages have also recently issued reports on TSCO. Mizuho boosted their price objective on shares of Tractor Supply from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Evercore ISI upgraded shares of Tractor Supply from a “hold” rating to an “outperform” rating and boosted their price target for the stock from $60.00 to $65.00 in a research note on Wednesday, November 5th. Gordon Haskett downgraded shares of Tractor Supply from an “accumulate” rating to a “hold” rating and reduced their price objective for the company from $57.00 to $50.00 in a research report on Thursday, January 8th. Robert W. Baird boosted their target price on Tractor Supply from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Finally, Jefferies Financial Group raised Tractor Supply from a “hold” rating to a “buy” rating in a research note on Monday, November 24th. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $62.81.

Tractor Supply Stock Performance

Shares of TSCO stock opened at $53.40 on Tuesday. The stock’s 50-day moving average price is $52.26 and its 200 day moving average price is $55.82. The company has a quick ratio of 0.14, a current ratio of 1.30 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $28.22 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 2.49 and a beta of 0.74. Tractor Supply has a 52-week low of $46.85 and a 52-week high of $63.99.

Tractor Supply (NASDAQ:TSCO) last posted its quarterly earnings data on Thursday, October 23rd. The specialty retailer reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. The company had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Tractor Supply had a return on equity of 46.18% and a net margin of 7.18%.The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. As a group, equities research analysts forecast that Tractor Supply will post 2.17 EPS for the current year.

Tractor Supply Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 9th. Stockholders of record on Monday, November 24th were given a $0.23 dividend. The ex-dividend date was Monday, November 24th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.7%. Tractor Supply’s dividend payout ratio (DPR) is currently 44.23%.

Hedge Funds Weigh In On Tractor Supply

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its position in Tractor Supply by 123.4% during the second quarter. Invesco Ltd. now owns 15,079,313 shares of the specialty retailer’s stock worth $795,735,000 after buying an additional 8,329,462 shares during the period. Norges Bank acquired a new position in shares of Tractor Supply during the 2nd quarter valued at about $274,959,000. Victory Capital Management Inc. increased its stake in shares of Tractor Supply by 719.1% during the 3rd quarter. Victory Capital Management Inc. now owns 4,508,661 shares of the specialty retailer’s stock valued at $256,408,000 after acquiring an additional 3,958,205 shares during the last quarter. Select Equity Group L.P. lifted its holdings in shares of Tractor Supply by 41.9% during the 2nd quarter. Select Equity Group L.P. now owns 12,713,409 shares of the specialty retailer’s stock worth $670,887,000 after acquiring an additional 3,753,414 shares during the period. Finally, APG Asset Management N.V. boosted its position in shares of Tractor Supply by 505.1% in the third quarter. APG Asset Management N.V. now owns 4,329,556 shares of the specialty retailer’s stock worth $246,222,000 after acquiring an additional 3,614,097 shares during the last quarter. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

About Tractor Supply

Tractor Supply Company (NASDAQ: TSCO) is a specialty retailer focused on products for the home, farm, ranch and outdoors. The company operates a network of physical retail locations complemented by an e-commerce platform, offering a one-stop source of supplies and equipment for customers with rural and suburban lifestyles. Its merchandise assortment targets a range of needs, from animal and livestock care to maintenance, outdoor power equipment, and seasonal products.

Product categories include animal feed and supplies, pet products, fencing and fencing supplies, equine equipment, lawn and garden tools, work clothing and footwear, and small agricultural and outdoor power equipment.