Deere & Company (NYSE:DE) Price Target Raised to $507.00

Deere & Company (NYSE:DE) had its price objective increased by Oppenheimer from $477.00 to $507.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also issued reports on DE. Truist Financial raised their price objective on shares of Deere & Company from $538.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup dropped their price target on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley boosted their price objective on shares of Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. raised their target price on Deere & Company from $450.00 to $470.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 15th. Finally, Jefferies Financial Group lowered Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $444.50.

Deere & Company Stock Performance

NYSE DE opened at $479.91 on Tuesday. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $485.84. The stock has a market cap of $130.70 billion, a PE ratio of 18.75, a PEG ratio of 2.84 and a beta of 0.98. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. The firm’s fifty day moving average price is $443.22 and its two-hundred day moving average price is $408.60.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.89 by $0.66. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the firm earned $8.26 EPS. The business’s revenue for the quarter was down 32.8% compared to the same quarter last year. On average, equities analysts expect that Deere & Company will post 19.34 EPS for the current fiscal year.

Deere & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Tuesday, December 31st. This is a boost from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s dividend payout ratio (DPR) is 25.31%.

Hedge Funds Weigh In On Deere & Company

Institutional investors have recently modified their holdings of the company. Ascent Group LLC raised its holdings in Deere & Company by 11.6% during the second quarter. Ascent Group LLC now owns 1,620 shares of the industrial products company’s stock worth $605,000 after buying an additional 168 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in Deere & Company in the 2nd quarter valued at about $615,000. NewEdge Advisors LLC boosted its stake in Deere & Company by 2.6% during the 2nd quarter. NewEdge Advisors LLC now owns 19,150 shares of the industrial products company’s stock valued at $7,155,000 after purchasing an additional 493 shares during the last quarter. Kimelman & Baird LLC bought a new stake in Deere & Company during the 2nd quarter worth approximately $102,000. Finally, EP Wealth Advisors LLC raised its stake in shares of Deere & Company by 76.1% in the second quarter. EP Wealth Advisors LLC now owns 5,069 shares of the industrial products company’s stock worth $1,894,000 after purchasing an additional 2,190 shares during the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Deere & Company 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.