Agriculture Stocks List: 5 Biggest Agriculture Stocks

4. Tractor Supply Company (NASDAQ:TSCO)

Number of Hedge Fund Holders: 37    

Tractor Supply Company (NASDAQ:TSCO) operates as a rural lifestyle retailer in the United States. On September 24, 2022, the company operated 2,027 tractor supply stores in 49 states, a consumer mobile app and an e-commerce website. In October 2022, Tractor Supply acquired 81 stores from Orscheln Farm and Home that will be rebranded to Tractor Supply by the end of 2023. 

On December 5, Wells Fargo analyst Zachary Fadem maintained an Overweight rating on Tractor Supply Company (NASDAQ:TSCO) stock and raised the price target to $255 from $250, highlighting that company’s structural and idiosyncratic drivers, a healthy dose of ESG and the company’s ability to navigate a highly variable macro backdrop in fiscal 2023 may return positive results.

At the end of the third quarter of 2022, 37 hedge funds in the database of Insider Monkey held stakes worth $751 million in Tractor Supply Company (NASDAQ:TSCO), compared to 41 the preceding quarter worth $1.3 billion.

In its Q4 2021 investor letter, Wedgewood Partners, an asset management firm, 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 which 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 higher than pre-pandemic. Tractor Supply is an exceptional retailer, and we continue to hold it as a top position.”