Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
8K characters. Original on sec.gov · Markdown
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Tractor Supply Company’s common stock trades on The Nasdaq Global Select Market under the symbol “TSCO”.
On August 28, 2013, our Board of Directors declared a two-for-one split of our outstanding shares of common stock to be effected in the form of a stock dividend. On September 26, 2013, stockholders of record at the close of business on September 18, 2013, received one additional share of common stock for each share owned by such stockholder. All share and per-share information in the Annual Report on Form 10-K has been retroactively restated to reflect the stock split.
The table below sets forth the high and low sales prices of our common stock as reported by The Nasdaq Global Select Market for each fiscal quarter of the periods indicated:
| Price Range (split adjusted) | |||||||
| 2013 | 2012 | ||||||
| High | Low | High | Low | ||||
| First Quarter | $52.69 | $43.13 | $46.37 | $34.25 | |||
| Second Quarter | $59.12 | $50.17 | $50.60 | $40.30 | |||
| Third Quarter | $67.13 | $57.00 | $50.64 | $37.73 | |||
| Fourth Quarter | $77.00 | $64.17 | $51.87 | $41.20 |
As of January 31, 2014, the approximate number of record holders of our common stock was 800 (excluding individual participants in nominee security position listings), and the estimated number of beneficial holders of our common stock was 82,000.
Common Stock Dividends
During 2013 and 2012, the Board of Directors declared the following cash dividends:
| Date Declared | Dividend Amount Per Share (a) | Stockholders of Record Date | Date Paid | |||
| October 30, 2013 | $0.13 | November 18, 2013 | December 3, 2013 | |||
| July 31, 2013 | $0.13 | August 19, 2013 | September 4, 2013 | |||
| May 1, 2013 | $0.13 | May 20, 2013 | June 4, 2013 | |||
| February 6, 2013 | $0.10 | February 25, 2013 | March 12, 2013 | |||
| October 31, 2012 | $0.10 | November 19, 2012 | December 4, 2012 | |||
| August 1, 2012 | $0.10 | August 20, 2012 | September 5, 2012 | |||
| May 2, 2012 | $0.10 | May 21, 2012 | June 5, 2012 | |||
| February 8, 2012 | $0.06 | February 27, 2012 | March 13, 2012 |
(a) All dividend amounts except the October 30, 2013 dividend amount have been split adjusted.
It is the present intention of the Board of Directors to continue to pay a quarterly cash dividend; however, the declaration and payment of future dividends will be determined by the Board of Directors in its sole discretion and will depend upon the earnings, financial condition, and capital needs of the Company, and other factors which the Board of Directors deem relevant.
On February 5, 2014, our Board of Directors declared a quarterly cash dividend of $0.13 per share of the Company’s common stock. The dividend will be paid on March 11, 2014, to stockholders of record as of the close of business on February 24, 2014.
Issuer Purchases of Equity Securities
The Company’s Board of Directors has authorized common stock repurchases under the share repurchase program up to $1 billion, through April 2015. Additionally, the Company withholds shares from vested restricted stock units to satisfy employees' minimum statutory tax withholding requirements. Stock purchase activity during fiscal 2013 is set forth in the table below:
| Period | Total Number of Shares Purchased (a) | Average Price Paid Per Share (a) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
| First Quarter (b) | 1,121,246 | $ | 47.99 | 1,045,000 | $ | 241,306,997 | ||||||||
| Second Quarter | 353,650 | 54.97 | 353,650 | 221,870,716 | ||||||||||
| Third Quarter | 352,886 | 60.35 | 352,886 | 200,578,283 | ||||||||||
| Fourth Quarter: | ||||||||||||||
| 9/29/13 – 10/26/13 | — | — | — | 200,578,283 | ||||||||||
| 10/27/13 – 11/23/13 (c) | 281,221 | 71.86 | 278,524 | 180,572,136 | ||||||||||
| 11/24/13 – 12/28/13 | 256,700 | 73.26 | 256,700 | 161,769,217 | ||||||||||
| 537,921 | 72.53 | 535,224 | 161,769,217 | |||||||||||
| As of December 28, 2013 | 2,365,703 | $ | 56.46 | 2,286,760 | $ | 161,769,217 |
(a)The number of shares purchased and the average price paid per share shown in the table above have been adjusted to reflect the effect of a two-for-one stock split that was effective September 26, 2013.
(b)The total number of shares purchased and average price paid per share include 76,246 shares withheld from vested restricted stock units to satisfy employees’ minimum statutory tax withholding requirements.
(c)The total number of shares purchased and average price paid per share include 2,697 shares withheld from vested restricted stock units to satisfy employees’ minimum statutory tax withholding requirements.
We expect to implement the balance of the repurchase program through purchases made from time to time either in the open market or through private transactions, in accordance with regulations of the SEC and other applicable legal requirements. The timing and amount of any common stock repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions.
Any additional stock repurchase programs will be subject to the discretion of our Board of Directors and subject to our results of operations, financial condition, cash requirements and other factors deemed relevant by our Board of Directors. The program may be limited or terminated at any time without prior notice.
STOCK PERFORMANCE GRAPH
This performance graph shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Tractor Supply Company under the Securities Act of 1933, as amended, or the Exchange Act.
The following graph compares the cumulative total stockholder return on our Common Stock from December 27, 2008 to December 28, 2013 (the Company's fiscal year-end) with the cumulative total returns of the S&P 500 Index and the S&P Retail Index over the same period. The comparison assumes that $100 was invested on December 27, 2008 in our Common Stock and in each of the foregoing indices and in each case assumes reinvestment of dividends. The historical stock price performance shown on this graph is not necessarily indicative of future performance.

| 12/27/2008 | 12/26/2009 | 12/25/2010 | 12/31/2011 | 12/29/2012 | 12/28/2013 | |||||||||||||||||||
| Tractor Supply Company | $ | 100.00 | $ | 156.52 | $ | 280.42 | $ | 406.43 | $ | 506.78 | $ | 875.32 | ||||||||||||
| S&P 500 | $ | 100.00 | $ | 129.07 | $ | 143.99 | $ | 144.09 | $ | 160.68 | $ | 210.98 | ||||||||||||
| S&P Retail Index | $ | 100.00 | $ | 153.87 | $ | 188.62 | $ | 192.81 | $ | 240.33 | $ | 344.26 |
Previous: Item 4. Mine Safety Disclosures · Next: Item 6. Selected Financial Data