Tractor Supply (NASDAQ:TSCO) Earns Buy Rating from Wells Fargo & Co
Wells Fargo & Co restated their buy rating on shares of Tractor Supply (NASDAQ:TSCO) in a research report report published on Thursday morning, AnalystRatings.com reports. Wells Fargo & Co currently has a $125.00 price objective on the specialty retailer’s stock.
“We are raising our Q3/Q4 comp estimates slightly (to +3.6%/+3.3%), and see upside opportunities across our model from: 1) loyalty, branded credit card, and early stage consumer insights; 2) inflation and effective price mgmt. initiatives (a comp/margin benefit); and 3) SG&A tailwinds, as 2H laps higher freight, incentive comp and DC headwinds, while beginning to realize profit improvement plan initiatives. While shares are trading 2% below a 52-week high and valuation has expanded (22x NTM P/E), we see more room for upward EPS revisions from a 2H margin inflection, and we continue to favor TSCO’s defensive, staples-like characteristics, longer-term growth levers, and attractive sales/profit algorithm. Reiterate Outperform.”,” Wells Fargo & Co‘s analyst commented.
TSCO has been the topic of several other reports. Barclays reaffirmed a buy rating on shares of Netflix in a research report on Thursday, May 16th. Zacks Investment Research lowered Hollysys Automation Technologies from a hold rating to a sell rating in a research report on Thursday, April 11th. BidaskClub lowered Amyris from a hold rating to a sell rating in a research report on Thursday, June 27th. Telsey Advisory Group increased their target price on Tractor Supply from $92.00 to $98.00 and gave the stock a market perform rating in a research report on Monday, April 22nd. Finally, Piper Jaffray Companies assumed coverage on TowneBank in a research report on Tuesday, July 16th. They issued a neutral rating and a $27.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $106.44.
Tractor Supply (NASDAQ:TSCO) last issued its earnings results on Thursday, July 25th. The specialty retailer reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($0.01). The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Tractor Supply had a return on equity of 36.12% and a net margin of 6.71%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the business posted $1.69 earnings per share. As a group, sell-side analysts expect that Tractor Supply will post 4.75 EPS for the current year.
In other Tractor Supply news, COO Steve K. Barbarick sold 36,108 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $104.10, for a total value of $3,758,842.80. Following the transaction, the chief operating officer now directly owns 60,258 shares of the company’s stock, valued at $6,272,857.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Ordus sold 10,968 shares of the firm’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $104.09, for a total value of $1,141,659.12. Following the completion of the transaction, the senior vice president now directly owns 21,000 shares in the company, valued at $2,185,890. The disclosure for this sale can be found here. Insiders sold 79,943 shares of company stock worth $8,322,943 over the last three months. 1.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Icon Wealth Partners LLC acquired a new stake in shares of Tractor Supply during the first quarter valued at about $27,000. Liberty Wealth Management LLC acquired a new stake in shares of Tractor Supply during the fourth quarter valued at about $31,000. Psagot Investment House Ltd. acquired a new stake in shares of Tractor Supply during the fourth quarter valued at about $35,000. Lindbrook Capital LLC grew its stake in shares of Tractor Supply by 79.7% during the first quarter. Lindbrook Capital LLC now owns 451 shares of the specialty retailer’s stock valued at $44,000 after acquiring an additional 200 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. acquired a new stake in shares of Tractor Supply during the first quarter valued at about $49,000. 81.89% of the stock is currently owned by institutional investors.
About Tractor Supply
Tractor Supply Company operates rural lifestyle retail stores in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, such as heating products, lawn and garden items, power equipment, gifts, and toys; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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