CORDA Investment Management LLC. Takes $56.13 Million Position in Deere & Company $DE

Key Points

• CORDA Investment Management acquired 88,481 Deere & Company shares valued at approximately $56.1 million, making Deere its seventh-largest portfolio holding at 3.4% of assets. Institutional investors collectively own 68.58% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $641.98, although individual targets range from $570 to $812.
• Deere exceeded quarterly expectations, reporting $6.55 in EPS versus the $5.70 consensus and $13.37 billion in revenue. The company also pays a quarterly dividend of $1.62 per share, equivalent to a 1.1% annual yield.

CORDA Investment Management LLC. purchased a new stake in Deere & Company (NYSE:DE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 88,481 shares of the industrial products company's stock, valued at approximately $56,126,000. Deere & Company comprises about 3.4% of CORDA Investment Management LLC.'s investment portfolio, making the stock its 7th biggest position.

A number of other large investors have also recently bought and sold shares of the business. Key Capital Management INC acquired a new position in Deere & Company in the fourth quarter valued at $27,000. Timmons Wealth Management LLC acquired a new stake in shares of Deere & Company during the fourth quarter worth about $29,000. McIlrath & Eck LLC purchased a new position in shares of Deere & Company during the fourth quarter worth about $30,000. Portus Wealth Advisors LLC purchased a new position in shares of Deere & Company during the first quarter worth about $32,000. Finally, Wealth Watch Advisors INC acquired a new position in Deere & Company in the 3rd quarter valued at about $32,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

DE has been the subject of several analyst reports. Bank of America reduced their price objective on Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Truist Financial lifted their target price on Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Oppenheimer reissued an "outperform" rating and issued a $680.00 target price (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Weiss Ratings upgraded Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. Finally, Seaport Research Partners set a $570.00 price target on Deere & Company in a report on Friday. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Deere & Company presently has an average rating of "Moderate Buy" and a consensus target price of $641.98.

Deere & Company Price Performance

Shares of DE opened at $608.73 on Friday. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The stock's 50 day moving average is $603.23 and its two-hundred day moving average is $587.77. The firm has a market capitalization of $164.32 billion, a PE ratio of 34.49, a P/E/G ratio of 2.57 and a beta of 0.90. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54.

Deere & Company (NYSE:DE - Get Free Report) last released its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.70 by $0.85. The company had revenue of $13.37 billion for the quarter, compared to analysts' expectations of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.64 EPS. Research analysts anticipate that Deere & Company will post 18.26 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Tuesday, June 30th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, June 30th. Deere & Company's dividend payout ratio is currently 36.71%.

Deere & Company 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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