5 Best Dividend Stocks According to British-Irish Billionaire John Armitage

3. Tractor Supply Company (NASDAQ:TSCO)

Number of Hedge Fund Holders: 43
Dividend Yield as of May 26: 2.01%
Egerton Capital’s Stake Value: $20,518,000

Tractor Supply Company (NASDAQ:TSCO) is an American retail chain company that sells products for home improvement. Egerton Capital opened a new position in the company in Q1 2022, purchasing 88,190 shares worth over $20.5 million. The company accounted for 0.1% of John Armitage’s portfolio.

Insider Monkey’s Q1 2022 database shows that along with Egerton Capital, Tractor Supply Company (NASDAQ:TSCO) also grabbed the attention of other hedge funds, as 43 elite funds held stakes in the company at the end of Q1, up significantly from 31 in the previous quarter. The consolidated value of these stakes is over $1 billion.

In January, Tractor Supply Company (NASDAQ:TSCO) announced a 77% hike in its quarterly dividend to $0.92 per share, with a dividend yield of 2.01%, as of the close of May 26. This raise marked the company’s 12^th consecutive year of dividend growth. In April, Oppenheimer presented a positive outlook on Tractor Supply Company (NASDAQ:TSCO), appreciating the company’s significant internal efforts. The firm raised its price target on the stock to $270, with an Outperform rating on the shares.