Bellwether Advisors LLC Invests $2.61 Million in Deere & Company $DE

Key Points

• Bellwether Advisors LLC opened a new position in Deere & Company during the first quarter, buying 4,628 shares worth about $2.61 million.
• Deere reported better-than-expected quarterly results, with earnings per share of $6.55 versus estimates of $5.70 and revenue of $13.37 billion, topping forecasts.
• The company also declared a quarterly dividend of $1.62 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $642.98.

Bellwether Advisors LLC acquired a new stake in shares of Deere & Company (NYSE:DE - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 4,628 shares of the industrial products company's stock, valued at approximately $2,607,000.

A number of other hedge funds also recently made changes to their positions in DE. Portus Wealth Advisors LLC purchased a new position in Deere & Company during the first quarter valued at approximately $32,000. Key Capital Management INC purchased a new stake in shares of Deere & Company in the fourth quarter worth $27,000. Timmons Wealth Management LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at $29,000. McIlrath & Eck LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at $30,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Deere & Company during the 3rd quarter valued at $32,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Performance

DE opened at $588.06 on Wednesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The stock has a market capitalization of $158.74 billion, a price-to-earnings ratio of 33.32, a PEG ratio of 2.15 and a beta of 0.89. The company has a fifty day moving average of $582.48 and a 200 day moving average of $573.70. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same quarter last year, the business posted $6.64 earnings per share. The business's quarterly revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Deere & Company will post 18.27 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, June 30th. Deere & Company's payout ratio is currently 36.71%.

Analysts Set New Price Targets

Several research analysts recently weighed in on DE shares. Truist Financial upped their target price on shares of Deere & Company from $759.00 to $812.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price objective on Deere & Company from $560.00 to $590.00 and gave the company a "neutral" rating in a research report on Thursday, June 4th. DA Davidson reaffirmed a "buy" rating and issued a $685.00 price objective on shares of Deere & Company in a research note on Friday, July 17th. Robert W. Baird cut their target price on Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Finally, Bank of America decreased their target price on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Fourteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Deere & Company currently has an average rating of "Moderate Buy" and a consensus price target of $642.98.

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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