Based on the tech-heavy Nasdaq Composite's 29% year-to-date gain, tech stocks seem to be getting all of the love this year. On the flip side, however, many great non-tech stocks have been flying under the radar. This means investors who are willing to look where many aren't may be finding some of the best ideas in the market.

One investment idea that can't seem to gain momentum this year but arguably deserves it is rural-lifestyle retailer Tractor Supply (TSCO 0.61%). Shares of the stock have declined about 2% year to date, despite the Nasdaq's huge rise and the S&P 500's 14% gain during this same period.

The fast-growing retailer's stock is trading at a reasonable valuation, despite the company's impressive sales growth, consistent execution of its expansion plans, and great dividend. Let's take a closer look.

Strong growth

All it takes is a quick look at Tractor Supply's latest quarterly results to appreciate its strong and resilient financial performance, even in the face of a tough macroeconomic environment that's been weighing heavily on many retailers. First-quarter revenue rose 9.1% year over year, fueled by a 2.1% year-over-year increase in comparable-store sales, 17 new Tractor Supply stores, three new Petsense stores, and the company's recent acquisition of Orscheln Farm and Home. 

The retailer's positive comparable-store sales increase was achieved despite a strong year-ago comparison and "less favorable spring weather trends" than in the year-ago period, management explained in its first-quarter earnings release.

Despite a negative impact from the weather in the quarter, management reiterated its guidance for full-year comparable-store sales to increase between 3.5% to 5.5% year over year. Management has confidence that full-year comps will come in higher than first-quarter comps. This speaks to the resilience that Tractor Supply's underlying business is seeing.

With an intense focus on providing best-in-class customer service and competitive pricing, the company has been taking market share, particularly in its consumable, usable, and edible (C.U.E.) category -- a resilient area of its business that keeps customers coming back regularly. These products, management insists, are both needs-based and demand-driven, making them somewhat recession resilient.

A robust dividend

While Tractor Supply's resilient growth despite a tough economic backdrop makes the stock attractive overall, shares are a particularly appealing option for dividend investors. For instance, Tractor Supply's dividend yield sits at a meaningful 1.9%, even though the company paid out only 39% of its trailing-12-month earnings in dividends.

Further, Tractor Supply seems committed to dividend growth. The company rolled out a 12% increase to its dividend in February -- and that's on top of a 77% increase one year earlier.

"Today's announcement marks the 14th consecutive year of increasing dividend payouts by Tractor Supply," said Tractor Supply board chairman Cynthia Jamison in the company's first-quarter earnings release. "This increase demonstrates the Board's confidence in our Life Out Here strategy and strong cash flow generation, as we continue to invest for future growth while returning capital to shareholders."

Further, Tractor Supply's efforts to return cash to shareholders haven't stopped at its dividend. It has also notably reduced its share count by 10% over the last five years by repurchasing shares. Indeed, it spent about $197 million repurchasing approximately 900,000 shares during Q1 alone.

It's very difficult to find companies as high quality as Tractor Supply that are trading at such a reasonable valuation of 23 times earnings. Investors who buy shares of this resilient business today likely won't regret it five years from now.