Fintel reports that on September 29, 2023, Wolfe Research reiterated coverage of Tractor Supply (NASDAQ:TSCO) with a Outperform recommendation.
Analyst Price Forecast Suggests 23.70% Upside
As of August 31, 2023, the average one-year price target for Tractor Supply is 251.63. The forecasts range from a low of 212.10 to a high of $294.00. The average price target represents an increase of 23.70% from its latest reported closing price of 203.42.
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The projected annual revenue for Tractor Supply is 15,389MM, an increase of 4.25%. The projected annual non-GAAP EPS is 10.69.
Tractor Supply Declares $1.03 Dividend
On August 10, 2023 the company declared a regular quarterly dividend of $1.03 per share ($4.12 annualized). Shareholders of record as of August 28, 2023 received the payment on September 12, 2023. Previously, the company paid $1.03 per share.
At the current share price of $203.42 / share, the stock's dividend yield is 2.03%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.40%, the lowest has been 0.87%, and the highest has been 2.08%. The standard deviation of yields is 0.33 (n=235).
The current dividend yield is 1.91 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.40. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 1.58%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1841 funds or institutions reporting positions in Tractor Supply. This is a decrease of 27 owner(s) or 1.45% in the last quarter. Average portfolio weight of all funds dedicated to TSCO is 0.28%, a decrease of 13.20%. Total shares owned by institutions increased in the last three months by 5.84% to 112,485K shares. 
The put/call ratio of TSCO is 1.78, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 3,497K shares representing 3.21% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,409K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 3,405K shares, representing an increase of 0.12%. The firm decreased its portfolio allocation in TSCO by 13.10% over the last quarter.
Capital International Investors holds 3,070K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 1,873K shares, representing an increase of 39.00%. The firm increased its portfolio allocation in TSCO by 44.60% over the last quarter.
Alliancebernstein holds 2,846K shares representing 2.62% ownership of the company. In it's prior filing, the firm reported owning 3,051K shares, representing a decrease of 7.23%. The firm decreased its portfolio allocation in TSCO by 16.38% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 2,609K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 2,577K shares, representing an increase of 1.20%. The firm decreased its portfolio allocation in TSCO by 13.77% over the last quarter.
Tractor Supply Background Information
(This description is provided by the company.)
Tractor Supply Company, the largest rural lifestyle retailer in the United States, has been passionate about serving its unique niche, as a one-stop shop for recreational farmers, ranchers and all those who enjoy living the rural lifestyle, for more than 80 years. Tractor Supply offers an extensive mix of products necessary to care for home, land, pets and animals with a focus on product localization, exclusive brands and legendary customer service that addresses the needs of the Out Here lifestyle. With more than 40,000 Team Members, the Company leverages its physical store assets with digital capabilities to offer customers the convenience of purchasing products they need anytime, anywhere and any way they choose at the everyday low prices they deserve. At September 26, 2020, the Company operated 1,904 Tractor Supply stores in 49 states.
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