Cerro Pacific Wealth Advisors LLC Increases Stock Holdings in Deere & Company $DE

Cerro Pacific Wealth Advisors LLC raised its stake in Deere & Company (NYSE:DE) by 3.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,962 shares of the industrial products company’s stock after purchasing an additional 132 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Deere & Company were worth $2,015,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Deere & Company by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company’s stock valued at $10,355,546,000 after purchasing an additional 185,671 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Deere & Company by 4.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company’s stock valued at $3,227,258,000 after purchasing an additional 286,253 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Deere & Company by 2.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,815,817 shares of the industrial products company’s stock valued at $852,254,000 after purchasing an additional 35,075 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Deere & Company by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,549,048 shares of the industrial products company’s stock valued at $727,046,000 after purchasing an additional 25,725 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Deere & Company by 23.4% in the 1st quarter. Invesco Ltd. now owns 1,353,255 shares of the industrial products company’s stock valued at $635,150,000 after purchasing an additional 256,806 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Down 2.1%

Deere & Company stock opened at $446.76 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The firm has a market capitalization of $120.77 billion, a price-to-earnings ratio of 23.35, a price-to-earnings-growth ratio of 2.87 and a beta of 1.02. Deere & Company has a fifty-two week low of $387.03 and a fifty-two week high of $533.78. The stock’s fifty day moving average is $479.15 and its two-hundred day moving average is $488.39.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, beating the consensus estimate of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.Deere & Company’s revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.29 earnings per share. Analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.5%. Deere & Company’s dividend payout ratio is 33.87%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial lifted their target price on Deere & Company from $602.00 to $609.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group decreased their price target on Deere & Company from $510.00 to $440.00 and set a “hold” rating on the stock in a research note on Wednesday. Robert W. Baird decreased their price target on Deere & Company from $520.00 to $488.00 and set a “neutral” rating on the stock in a research note on Friday, August 15th. Oppenheimer decreased their price target on Deere & Company from $566.00 to $512.00 and set an “outperform” rating on the stock in a research note on Thursday, September 18th. Finally, DA Davidson decreased their price target on Deere & Company from $595.00 to $580.00 and set a “buy” rating on the stock in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $513.88.

Deere & Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.