Tractor Supply (NASDAQ:TSCO) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Tractor Supply (NASDAQ:TSCO) issued its quarterly earnings results on Thursday. The specialty retailer reported $1.83 EPS for the quarter, beating the consensus estimate of $1.70 by $0.13, Briefing.com reports. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.40 billion. Tractor Supply had a net margin of 7.66% and a return on equity of 52.99%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.65 EPS. Tractor Supply updated its FY24 guidance to $9.85-10.50 EPS and its FY 2024 guidance to 9.850-10.500 EPS.

Tractor Supply Price Performance

Shares of Tractor Supply stock opened at $273.90 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 0.28. Tractor Supply has a fifty-two week low of $185.00 and a fifty-two week high of $274.66. The company has a market cap of $29.56 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 3.97 and a beta of 0.84. The firm has a fifty day moving average price of $252.44 and a two-hundred day moving average price of $226.59.

Tractor Supply Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Monday, February 26th were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This is an increase from Tractor Supply’s previous quarterly dividend of $1.03. This represents a $4.40 dividend on an annualized basis and a yield of 1.61%. Tractor Supply’s dividend payout ratio is 42.84%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TSCO shares. Robert W. Baird upped their price objective on shares of Tractor Supply from $260.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday. Mizuho reiterated a “neutral” rating and issued a $250.00 price objective (up previously from $245.00) on shares of Tractor Supply in a research note on Friday. Telsey Advisory Group reiterated an “outperform” rating and issued a $275.00 price objective on shares of Tractor Supply in a research note on Thursday. Morgan Stanley upped their price objective on shares of Tractor Supply from $195.00 to $235.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Raymond James increased their price target on shares of Tractor Supply from $250.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $248.17.

Insider Activity

In other news, EVP Robert D. Mills sold 48,334 shares of Tractor Supply stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $232.23, for a total value of $11,224,604.82. Following the sale, the executive vice president now directly owns 22,167 shares in the company, valued at $5,147,842.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Robert D. Mills sold 48,334 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $232.23, for a total transaction of $11,224,604.82. Following the transaction, the executive vice president now directly owns 22,167 shares in the company, valued at $5,147,842.41. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Matthew L. Rubin sold 725 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $238.09, for a total transaction of $172,615.25. Following the transaction, the senior vice president now owns 5,710 shares in the company, valued at $1,359,493.90. The disclosure for this sale can be found here. Insiders have sold 90,090 shares of company stock worth $21,201,877 over the last ninety days. Insiders own 0.24% of the company’s stock.

About Tractor Supply

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.