Do You Think Tractor Supply Company (TSCO) is a Successful Long-Term Holding?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Tractor Supply Company (NASDAQ:TSCO) in the Q2 2023 investor letter. Headquartered in Brentwood, Tennessee, Tractor Supply Company (NASDAQ:TSCO) is a rural lifestyle retailer. On August 10, 2023, Tractor Supply Company (NASDAQ:TSCO) stock closed at $222.27 per share. One-month return of Tractor Supply Company (NASDAQ:TSCO) was 3.41%, and its shares gained 12.87% of their value over the last 52 weeks. Tractor Supply Company (NASDAQ:TSCO) has a market capitalization of $24.354 billion.

Conestoga Mid Cap Strategy made the following comment about Tractor Supply Company (NASDAQ:TSCO) in its second quarter 2023 investor letter:

“Tractor Supply Company (NASDAQ:TSCO): TSCO operates over 2,000 retail stores that sell various home/agricultural products to farmers and ranchers. When TSCO reported its Q1 results, it missed its comparable stores estimate due to weather and the stock sold off. TSCO has been a successful long-term holding given solid growth in its end market and superior execution of management.”

Pixabay/Public Domain

Tractor Supply Company (NASDAQ:TSCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Tractor Supply Company (NASDAQ:TSCO) at the end of first quarter which was 49 in the previous quarter.

We discussed Tractor Supply Company (NASDAQ:TSCO) in another article and shared Wedgewood Partners Large Cap Focused Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.