Deere & Company (NYSE:DE) Price Target Raised to $556.00

Deere & Company (NYSE:DE) had its price target boosted by Bank of America from $495.00 to $556.00 in a research report released on Friday,Benzinga reports. Bank of America currently has a neutral rating on the industrial products company’s stock.

A number of other analysts have also commented on the company. Morgan Stanley lifted their target price on Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. Barclays lifted their target price on Deere & Company from $475.00 to $530.00 and gave the stock an “overweight” rating in a report on Friday. Oppenheimer lifted their target price on Deere & Company from $510.00 to $513.00 and gave the stock an “outperform” rating in a report on Tuesday, April 22nd. Baird R W lowered Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Citigroup reduced their target price on Deere & Company from $480.00 to $450.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Deere & Company has a consensus rating of “Hold” and an average target price of $504.38.

Deere & Company Stock Up 3.0%

DE stock opened at $531.79 on Friday. Deere & Company has a twelve month low of $340.20 and a twelve month high of $533.78. The company has a quick ratio of 1.98, a current ratio of 2.22 and a debt-to-equity ratio of 1.94. The firm has a market cap of $144.34 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08. The business has a 50 day moving average of $468.29 and a 200 day moving average of $455.02.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping analysts’ consensus estimates of $5.72 by $0.92. The business had revenue of $11.17 billion during the quarter, compared to analyst estimates of $10.80 billion. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the company earned $8.53 EPS. On average, research analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 8th. Investors of record on Monday, March 31st were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $6.48 annualized dividend and a yield of 1.22%. Deere & Company’s dividend payout ratio (DPR) is presently 28.72%.

Insider Activity at Deere & Company

In related news, insider Rajesh Kalathur sold 24,580 shares of Deere & Company stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the transaction, the insider now directly owns 74,878 shares in the company, valued at approximately $37,484,675.58. The trade was a 24.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Deere & Company

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Deere & Company by 0.8% in the first quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company’s stock valued at $10,355,546,000 after acquiring an additional 185,671 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Deere & Company by 4.3% in the first 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 acquiring an additional 286,253 shares in the last quarter. Capital World Investors lifted its position in shares of Deere & Company by 2.7% in the fourth quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company’s stock valued at $2,566,884,000 after acquiring an additional 157,224 shares in the last quarter. FMR LLC lifted its position in shares of Deere & Company by 22.9% in the fourth quarter. FMR LLC now owns 5,581,408 shares of the industrial products company’s stock valued at $2,364,843,000 after acquiring an additional 1,039,395 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Deere & Company by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 5,305,571 shares of the industrial products company’s stock valued at $2,247,216,000 after acquiring an additional 97,203 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

About Deere & Company

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.