In a new report issued by Wolfe Research on September 30, 2023, research analysts have initiated coverage on shares of Tractor Supply (NASDAQ:TSCO) with an “outperform” rating. This development has garnered attention from investors and industry experts, shaping the market sentiment towards the specialty retailer’s stock.
Tractor Supply’s stock opened at $203.42 on Friday, revealing its performance in the market. The company’s 50-day simple moving average stands at $216.86, while its 200-day simple moving average is recorded at $223.74. These numbers provide insights into the stock’s recent trends and overall performance over a more extended period.
Over the past year, Tractor Supply’s stock price has seen a low of $181.40 and a high of $251.17, indicating the company’s range of valuation during this period. With a market capitalization of approximately $22.13 billion, Tractor Supply signifies its stature as a significant player in the industry.
Further analysis reveals key financial metrics that shed light on Tractor Supply’s position in the market. The company boasts a price-to-earnings (PE) ratio of 20.32, demonstrating how much an investor is willing to pay for each dollar of earnings generated by Tractor Supply. Additionally, the peg ratio of 2.54 provides insights into Tractor Supply’s growth potential relative to its valuation.
The beta value of 0.80 showcases Tractor Supply’s sensitivity to market movements; it is considered less volatile than the broader market index due to this figure falling below one. Moreover, Tractor Supply maintains stable liquidity with a current ratio of 1.60 and a quick ratio of 0.41, highlighting its ability to cover short-term obligations.
A notable development involves hedge funds modifying their holdings in Tractor Supply stock recently. Key players such as Pacific Center for Financial Services and OLD Mission Capital LLC have acquired new positions, reflecting their confidence in the company. These strategic moves convey a positive sentiment from institutional investors, contributing to the overall market perception of Tractor Supply.
Examining Tractor Supply’s financial performance, its last quarterly earnings report released on July 27th, 2023 is essential. The specialty retailer reported an earnings per share (EPS) of $3.83 for the quarter, falling short of the consensus estimate by ($0.08). Despite this, the company generated revenue of $4.18 billion during the same period, slightly lower than analyst expectations.
Tractor Supply’s net margin of 7.52% and a return on equity of 55.57% provide glimpses into its profitability and efficiency in utilizing shareholder investments respectively. The year-over-year increase in revenue by 7.2% underscores the company’s growth and ability to generate sustained sales.
As we look ahead with anticipation, research analysts predict that Tractor Supply will post an EPS of 10.26 for the current year as a whole. This estimate reflects their outlook on the company’s future earnings potential and overall performance.
In conclusion, the recent coverage initiation by Wolfe Research has brought attention to Tractor Supply’s stock in the investment community. With an “outperform” rating and various financial indicators reinforcing its positive standing, industry experts anticipate notable results from Tractor Supply in the coming periods. However, investors should continue to monitor developments closely in order to make informed decisions based on their investment strategies and financial goals.
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Analyst Reports and Insider Transactions Create Uncertainty for Tractor Supply (TSCO) Investors
As of September 30, 2023, Tractor Supply (TSCO) has been receiving attention from various research firms, with analysts providing their insights and opinions on the company’s performance. One noteworthy report comes from Robert W. Baird, which recently lowered its price target on Tractor Supply from $265.00 to $260.00 in a report published on July 18th.
Another research firm, StockNews.com, began coverage on Tractor Supply in a research report released on August 17th and issued a “hold” rating for the company. This indicates that StockNews.com believes Tractor Supply’s stock may perform at an average pace and is not expected to experience significant growth or decline.
Truist Financial also made an adjustment to their price target for shares of Tractor Supply, lowering it from $280.00 to $275.00 in a research report published on July 12th. Meanwhile, Telsey Advisory Group reiterated an “outperform” rating and set a target price of $265.00 on Tractor Supply’s shares in a research report dated July 28th.
Guggenheim also contributed to the discussions surrounding Tractor Supply by cutting their price target from $265.00 to $245.00 in a research note released on June 29th.
In total, nine research analysts have given the stock a hold rating, while sixteen have issued a buy rating for Tractor Supply. Furthermore, one analyst even assigned a strong buy rating to the company’s stock.
According to Bloomberg’s data as of now, there is an overall consensus rating of “Moderate Buy” for Tractor Supply with an average target price of $247.71.
In other news related to the company, CFO Kurt D. Barton conducted a significant transaction involving the sale of 7,487 shares of Tractor Supply’s stock on August 14th at an average price of $222.43. This resulted in a total transaction value of $1,665,333.41.
Following the sale, Barton now holds 19,574 shares in the company, which are estimated to be valued at approximately $4,353,844.82.
Tractor Supply disclosed this sale in a filing with the SEC (Securities and Exchange Commission), and the details of the transaction can be accessed through the SEC’s official website.
It is worth noting that insiders currently own 0.24% of Tractor Supply’s stock. The recent sale by CFO Kurt D. Barton is an example of how executives within the company are divesting their holdings.
These various reports from research firms and news about insider transactions may contribute to a degree of perplexity among investors who closely follow Tractor Supply’s movements in the market.
As always, it is essential for investors to conduct thorough research and analysis based on current information before making any investment decisions regarding Tractor Supply or any other company in the stock market.
