Cary Street Partners Financial LLC Boosts Stock Position in Deere & Company (NYSE:DE)

Key Points

• Cary Street Partners Financial LLC increased its stake in Deere & Company by 23.7%, acquiring an additional 2,183 shares to own a total of 11,389 shares valued at $5,345,000.
• Deere & Company reported quarterly earnings of $6.64 per share, exceeding analyst expectations, but its revenue declined by 17.9% compared to the previous year.
• The company declared a quarterly dividend of $1.62, representing an annual yield of 1.3%, with the payout ratio currently at 31.35%.

Cary Street Partners Financial LLC raised its holdings in Deere & Company (NYSE:DE - Free Report) by 23.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,389 shares of the industrial products company's stock after buying an additional 2,183 shares during the quarter. Cary Street Partners Financial LLC's holdings in Deere & Company were worth $5,345,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hughes Financial Services LLC purchased a new stake in Deere & Company during the 1st quarter valued at about $29,000. Cornerstone Planning Group LLC boosted its position in Deere & Company by 116.1% in the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock valued at $31,000 after buying an additional 36 shares during the last quarter. Orion Capital Management LLC acquired a new position in Deere & Company in the 4th quarter worth approximately $34,000. Mascagni Wealth Management Inc. purchased a new position in Deere & Company during the 4th quarter worth approximately $39,000. Finally, Citizens National Bank Trust Department acquired a new stake in Deere & Company during the 1st quarter valued at approximately $45,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on DE shares. Robert W. Baird increased their price objective on shares of Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Barclays lifted their price objective on Deere & Company from $475.00 to $530.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Morgan Stanley boosted their price objective on Deere & Company from $450.00 to $500.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Citigroup dropped their target price on Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Finally, Wall Street Zen downgraded Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Deere & Company presently has a consensus rating of "Hold" and a consensus target price of $515.50.

Deere & Company Price Performance

Shares of DE traded down $2.74 during mid-day trading on Thursday, hitting $506.90. 958,544 shares of the company were exchanged, compared to its average volume of 1,135,084. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11. Deere & Company has a 1-year low of $343.38 and a 1-year high of $533.78. The stock has a market cap of $137.28 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 3.23 and a beta of 1.06. The company has a 50 day moving average of $512.37 and a 200-day moving average of $488.75.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, beating analysts' consensus estimates of $5.72 by $0.92. The business had revenue of $11.17 billion during the quarter, compared to analysts' expectations of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The business's revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.53 earnings per share. Analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.3%. Deere & Company's dividend payout ratio is presently 31.35%.

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.