Tractor Supply adds $1 billion to buyback

Board extends plan through end of 2017

The board of Tractor Supply has voted to double the retailer's stock buyback to $2 billion and extend the program through the end of 2017.

The move lets President and CEO Greg Sandfort and his team repurchase another $1.2 billion worth of stock in the next four years. The Brentwood-based seller of farm and ranch gear has bought back almost 38 million of its shares since February of 2007. It now has almost 140 million shares outstanding.

"We are committed to driving long-term shareholder value through a balanced strategic approach to managing growth, cash flow and capital allocation," Sandfort said. "We believe the Board's decision to increase the share repurchase authorization underscores their confidence in our ability to continue executing against our strategic initiatives and long-term growth targets."

Shares of Tractor Supply (Ticker: TSCO) climbed more than 2 percent to $68.21 in after-hours trading Monday. They have fallen about 8 percent over the past three months.