Jennison Associates LLC Sells 57,906 Shares of Deere & Company (NYSE:DE)

Jennison Associates LLC trimmed its holdings in Deere & Company (NYSE:DE) by 55.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,429 shares of the industrial products company’s stock after selling 57,906 shares during the period. Jennison Associates LLC’s holdings in Deere & Company were worth $18,965,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Briaud Financial Planning Inc bought a new position in shares of Deere & Company in the third quarter valued at $25,000. ZRC Wealth Management LLC bought a new position in shares of Deere & Company in the fourth quarter valued at $28,000. Rakuten Securities Inc. purchased a new stake in shares of Deere & Company in the fourth quarter valued at about $28,000. Naples Money Management LLC purchased a new stake in shares of Deere & Company in the fourth quarter valued at about $29,000. Finally, Milestone Investment Advisors LLC purchased a new stake in shares of Deere & Company in the third quarter valued at about $37,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Price Performance

DE stock opened at $393.96 on Friday. The firm has a 50 day moving average of $387.20 and a 200-day moving average of $383.54. The company has a current ratio of 2.05, a quick ratio of 1.81 and a debt-to-equity ratio of 1.81. Deere & Company has a 12 month low of $345.55 and a 12 month high of $450.00. The firm has a market capitalization of $109.66 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.48 and a beta of 1.04.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $1.04. Deere & Company had a net margin of 16.38% and a return on equity of 44.60%. The business had revenue of $10.49 billion during the quarter, compared to analyst estimates of $10.30 billion. During the same period in the previous year, the business posted $6.55 earnings per share. Deere & Company’s revenue for the quarter was down 8.0% on a year-over-year basis. As a group, sell-side analysts predict that Deere & Company will post 27.37 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Friday, March 29th will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Wednesday, March 27th. Deere & Company’s payout ratio is 17.12%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DE. Citigroup lowered their target price on shares of Deere & Company from $450.00 to $435.00 and set a “buy” rating for the company in a report on Friday, February 16th. Evercore ISI increased their target price on shares of Deere & Company from $381.00 to $387.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Melius downgraded shares of Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Truist Financial started coverage on shares of Deere & Company in a report on Thursday, March 14th. They issued a “buy” rating and a $494.00 target price for the company. Finally, Wells Fargo & Company decreased their price objective on shares of Deere & Company from $445.00 to $425.00 and set an “overweight” rating for the company in a report on Friday, February 16th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $433.28.

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.