Deere & Company $DE is Parnassus Investments LLC’s 6th Largest Position

Parnassus Investments LLC trimmed its stake in shares of Deere & Company (NYSE:DE – Free Report) by 14.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,642,017 shares of the industrial products company’s stock after selling 451,317 shares during the period. Deere & Company makes up 3.2% of Parnassus Investments LLC’s investment portfolio, making the stock its 6th largest holding. Parnassus Investments LLC’s holdings in Deere & Company were worth $1,230,044,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Strategic Advocates LLC purchased a new position in shares of Deere & Company during the third quarter valued at approximately $25,000. Key Capital Management INC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $27,000. McIlrath & Eck LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $30,000. Wealth Watch Advisors INC purchased a new position in shares of Deere & Company during the third quarter valued at approximately $32,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $34,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

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Deere & Company Stock Up 1.6%

Shares of DE stock opened at $569.09 on Friday. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The stock has a market cap of $153.62 billion, a P/E ratio of 32.24, a P/E/G ratio of 2.07 and a beta of 0.92. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The company has a 50 day simple moving average of $573.17 and a two-hundred day simple moving average of $548.69.

Deere & Company (NYSE:DE – Get Free Report) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating analysts’ consensus estimates of $5.70 by $0.85. The business had revenue of $13.37 billion during the quarter, compared to analysts’ expectations of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $6.64 earnings per share. On average, research analysts expect that Deere & Company will post 18.13 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. Deere & Company’s dividend payout ratio is 36.71%.

Analysts Set New Price Targets

A number of analysts have commented on DE shares. Wells Fargo & Company upped their target price on shares of Deere & Company from $543.00 to $750.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Argus upped their target price on shares of Deere & Company from $540.00 to $700.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. BMO Capital Markets upped their target price on shares of Deere & Company from $460.00 to $500.00 and gave the company a “market perform” rating in a report on Friday, February 20th. Barclays upped their target price on shares of Deere & Company from $530.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Finally, Sanford C. Bernstein upped their target price on shares of Deere & Company from $521.00 to $615.00 and gave the company a “market perform” rating in a report on Friday, February 20th. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $639.58.

Read Our Latest Research Report on Deere & Company

Deere & Company Profile

(Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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