Wealthspan Partners LLC purchased a new position in shares of Deere & Company (NYSE:DE – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 28,433 shares of the industrial products company’s stock, valued at approximately $18,036,000. Deere & Company comprises approximately 5.7% of Wealthspan Partners LLC’s investment portfolio, making the stock its 4th largest holding.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Deere & Company during the 4th quarter valued at about $1,715,633,000. Capital World Investors lifted its position in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock worth $4,465,906,000 after buying an additional 3,358,264 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Deere & Company in the second quarter worth approximately $1,259,279,000. Northwestern Mutual Wealth Management Co. boosted its stake in Deere & Company by 1,725.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock worth $932,870,000 after buying an additional 1,893,972 shares in the last quarter. Finally, M&T Bank Corp grew its position in Deere & Company by 1,199.8% during the fourth quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock valued at $868,149,000 after acquiring an additional 1,721,239 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
DE has been the topic of several research reports. Truist Financial lifted their price target on shares of Deere & Company from $759.00 to $812.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $752.00 price objective on shares of Deere & Company in a research note on Monday, June 1st. Weiss Ratings raised shares of Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Wall Street Zen upgraded shares of Deere & Company from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Finally, Raymond James Financial lowered their price target on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating for the company in a research note on Friday, May 22nd. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $641.98.
Deere & Company Price Performance
Shares of Deere & Company stock opened at $608.73 on Monday. The company’s fifty day simple moving average is $603.23 and its two-hundred day simple moving average is $588.27. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The firm has a market cap of $164.32 billion, a PE ratio of 34.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54.
Deere & Company (NYSE:DE – Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating the consensus estimate of $5.70 by $0.85. The firm had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.64 earnings per share. As a group, equities analysts expect that Deere & Company will post 18.26 EPS for the current year.
Deere & Company Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. Deere & Company’s dividend payout ratio is presently 36.71%.
About Deere & Company
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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