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

Deere & Company (NYSE:DE) had its price target lifted by Citigroup from $395.00 to $420.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

Several other research analysts also recently weighed in on the stock. Evercore ISI lifted 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 report on Monday, August 19th. Oppenheimer lowered their target price on shares of Deere & Company from $465.00 to $448.00 and set an outperform rating on the stock in a research report on Monday, July 22nd. Truist Financial boosted their price objective on shares of Deere & Company from $443.00 to $496.00 and gave the stock a buy rating in a research note on Wednesday. Raymond James began coverage on Deere & Company in a report on Friday, June 28th. They issued an outperform rating and a $420.00 target price on the stock. Finally, Bank of America upped their price objective on shares of Deere & Company from $400.00 to $410.00 and gave the company a neutral rating in a research report on Friday, August 16th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Deere & Company presently has an average rating of Hold and an average price target of $420.69.

Deere & Company Price Performance

DE opened at $411.11 on Wednesday. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. The company’s 50-day moving average price is $387.01 and its 200 day moving average price is $385.53. The firm has a market cap of $113.29 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $420.47.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.66. The company had revenue of $11.39 billion during the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The company’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.20 earnings per share. As a group, sell-side analysts expect that Deere & Company will post 25.03 earnings per share for the current year.

Deere & Company Dividend Announcement

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

Hedge Funds Weigh In On Deere & Company

Several hedge funds have recently made changes to their positions in DE. Tompkins Financial Corp raised its holdings in Deere & Company by 2.6% in the first quarter. Tompkins Financial Corp now owns 981 shares of the industrial products company’s stock worth $403,000 after purchasing an additional 25 shares in the last quarter. Centaurus Financial Inc. boosted its holdings in Deere & Company by 2.3% in the second quarter. Centaurus Financial Inc. now owns 1,160 shares of the industrial products company’s stock worth $433,000 after purchasing an additional 26 shares during the last quarter. Field & Main Bank grew its holdings in shares of Deere & Company by 0.7% in the first quarter. Field & Main Bank now owns 4,050 shares of the industrial products company’s stock worth $1,663,000 after acquiring an additional 27 shares during the period. Range Financial Group LLC grew its stake in shares of Deere & Company by 5.2% during the 1st quarter. Range Financial Group LLC now owns 548 shares of the industrial products company’s stock valued at $225,000 after purchasing an additional 27 shares during the period. Finally, Cooper Financial Group raised its position in Deere & Company by 2.4% in the first quarter. Cooper Financial Group now owns 1,146 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 27 shares during the period. 68.58% of the stock is owned by hedge funds and other institutional investors.

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.