5 Companies that Recently Raised Guidance

4. Tractor Supply Company (NASDAQ:TSCO)

Number of Hedge Fund Holders: 43 

Tractor Supply Company (NASDAQ:TSCO) is a rural lifestyle retailer. On July 21, the firm released earnings for the second quarter of 2022. It posted earnings per share of $3.53, beating estimates by $0.01. The revenue over the period was $3.9 billion, up over 8% compared to the revenue over the same period last year and beating estimates by $10 million. The firm also raised guidance numbers for the 2022 fiscal year, saying it expected net sales of upto $14.05 billion against consensus estimates of $13.79 billion. 

On July 6, Truist analyst Scot Ciccarelli maintained a Buy rating on Tractor Supply Company (NASDAQ:TSCO) stock and lowered the price target to $246 from $266, noting that multiple, long-duration top line drivers continue for the firm. 

Among the hedge funds being tracked by Insider Monkey, New York-based firm Select Equity Group is a leading shareholder in Tractor Supply Company (NASDAQ:TSCO), with 2 million shares worth more than $512 million. 

In its Q4 2021 investor letter, Wedgewood Partners highlighted a few stocks and Tractor Supply Company (NASDAQ:TSCO) was one of them. Here is what the fund said:

“Tractor Supply Company (NASDAQ:TSCO) contributed favorably to performance during the quarter. Demand from the Company’s niche, affluent rural customer base continues to surge in a post-COVID world with comparable store sales running over +40% higher compared to pre-pandemic (2019) levels. Tractor Supply is seeing growth across all channels, from its website to e-commerce that is fulfilled by its 2000-store fleet to regular in-store traffic. The Company is also managing inflation and supply chain disruptions extremely well, passing through nearly +7% of inflation on consumable goods and managing a quarterly inventory in-stock rate that was actually higher than pre-pandemic. Tractor Supply is an exceptional retailer, and we continue to hold it as a top position.”