Deere & Company (NYSE:DE) Price Target Raised to $420.00

Deere & Company (NYSE:DE) had its price objective increased by Citigroup from $395.00 to $420.00 in a research note published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

A number of other research firms have also recently issued reports on DE. BMO Capital Markets began coverage on shares of Deere & Company in a research report on Friday, August 9th. They set a market perform rating and a $400.00 price objective for the company. Truist Financial increased their price target on Deere & Company from $443.00 to $496.00 and gave the stock a buy rating in a report on Wednesday. HSBC downgraded Deere & Company from a buy rating to a hold rating in a research note on Monday, August 19th. Evercore ISI upped their target price on shares of Deere & Company from $371.00 to $378.00 and gave the stock an in-line rating in a research note on Monday, August 19th. Finally, Raymond James initiated coverage on Deere & Company in a research report on Friday, June 28th. They set an outperform rating and a $420.00 price target for the company. Twelve analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Deere & Company currently has a consensus rating of Hold and an average price target of $420.69.

Deere & Company Stock Up 1.3 %

DE stock opened at $411.11 on Wednesday. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $420.47. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The business has a 50-day moving average of $387.01 and a 200-day moving average of $385.53. The stock has a market capitalization of $113.29 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.35 and a beta of 0.92.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.66. The company had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. Deere & Company’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.20 EPS. On average, sell-side analysts anticipate that Deere & Company will post 25.03 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be given a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s payout ratio is 17.70%.

Hedge Funds Weigh In On Deere & Company

Several institutional investors have recently modified their holdings of DE. Creative Planning grew its stake in shares of Deere & Company by 2.1% in the 3rd quarter. Creative Planning now owns 75,462 shares of the industrial products company’s stock valued at $31,493,000 after purchasing an additional 1,555 shares during the last quarter. Harrington Investments INC lifted its stake in shares of Deere & Company by 0.7% during the third quarter. Harrington Investments INC now owns 4,743 shares of the industrial products company’s stock valued at $1,979,000 after buying an additional 35 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of Deere & Company in the third quarter worth approximately $4,728,000. ORG Wealth Partners LLC acquired a new stake in Deere & Company during the third quarter worth about $55,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Deere & Company by 75.6% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 971 shares of the industrial products company’s stock worth $405,000 after buying an additional 418 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.