Truist Financial Has Lowered Expectations for Deere & Company (NYSE:DE) Stock Price

Key Points

• Truist Financial has lowered its price target for Deere & Company from $619.00 to $602.00, indicating a potential upside of 25.41% based on the stock's previous close.
• Several firms have recently adjusted their price targets for Deere, with Barclays raising its target to $530.00 and Raymond James increasing it to $560.00, reflecting a generally positive outlook from analysts.
• Deere reported a quarterly earnings per share of $4.75, exceeding expectations, although its revenue of $10.36 billion marked a 9% decrease compared to the previous year.

Deere & Company (NYSE:DE - Free Report) had its target price decreased by Truist Financial from $619.00 to $602.00 in a research note issued to investors on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company's stock.

DE has been the subject of several other research reports. Raymond James Financial raised their target price on shares of Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Melius raised shares of Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Citigroup lowered their price objective on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Evercore ISI boosted their price objective on shares of Deere & Company from $455.00 to $493.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Finally, DA Davidson reissued a "buy" rating and issued a $542.00 price objective on shares of Deere & Company in a research report on Friday, May 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $523.87.

Deere & Company Trading Down 0.4%

Shares of Deere & Company stock traded down $1.9330 during trading on Friday, hitting $489.1970. The stock had a trading volume of 1,493,598 shares, compared to its average volume of 1,368,199. The firm's fifty day simple moving average is $510.56 and its 200-day simple moving average is $490.14. The stock has a market cap of $132.49 billion, a PE ratio of 25.57, a PEG ratio of 3.10 and a beta of 1.06. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. Deere & Company has a 12 month low of $371.76 and a 12 month high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last released its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.62 by $0.13. The firm had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The business's revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the business earned $6.29 EPS. As a group, sell-side analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Monday, June 30th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 30th. Deere & Company's payout ratio is 33.87%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Brighton Jones LLC grew its position in Deere & Company by 39.1% during the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock worth $1,927,000 after purchasing an additional 1,278 shares during the last quarter. Jump Financial LLC purchased a new stake in Deere & Company during the 4th quarter worth approximately $2,053,000. NewEdge Advisors LLC grew its position in Deere & Company by 6.7% during the 4th quarter. NewEdge Advisors LLC now owns 19,139 shares of the industrial products company's stock worth $8,109,000 after purchasing an additional 1,197 shares during the last quarter. Farringdon Capital Ltd. purchased a new stake in Deere & Company during the 4th quarter worth approximately $355,000. Finally, Canada Pension Plan Investment Board grew its position in Deere & Company by 11.3% during the 4th quarter. Canada Pension Plan Investment Board now owns 18,942 shares of the industrial products company's stock worth $8,026,000 after purchasing an additional 1,923 shares during the last quarter. Institutional investors own 68.58% of the company's stock.

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.