Dai ichi Life Insurance Company Ltd Cuts Stock Position in Deere & Company $DE

Key Points

• Dai ichi Life Insurance reduced its Deere & Company stake by 14.7% in the first quarter, selling 1,720 shares and leaving it with 9,947 shares valued at about $5.6 million.
• Deere shares were trading up 3.0% at $628.32, near the top of their 12-month range of $433.00 to $674.19, with a market cap of $169.61 billion.
• The company posted strong quarterly results, earning $6.55 per share on $13.37 billion in revenue, both above analyst expectations, and it declared a quarterly dividend of $1.62 per share.

Dai ichi Life Insurance Company Ltd lessened its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 14.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,947 shares of the industrial products company's stock after selling 1,720 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Deere & Company were worth $5,603,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in shares of Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after buying an additional 1,278 shares during the period. Schnieders Capital Management LLC. raised its holdings in Deere & Company by 7.8% in the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company's stock valued at $1,056,000 after acquiring an additional 150 shares in the last quarter. Jump Financial LLC purchased a new position in Deere & Company in the second quarter worth approximately $2,153,000. NewEdge Advisors LLC lifted its stake in Deere & Company by 6.0% in the second quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company's stock worth $9,538,000 after acquiring an additional 1,067 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its holdings in Deere & Company by 6.7% during the 2nd quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company's stock worth $789,000 after acquiring an additional 97 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Trading Up 3.0%

Shares of DE opened at $628.32 on Friday. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $169.61 billion, a P/E ratio of 35.60, a PEG ratio of 2.65 and a beta of 0.89. The firm's 50-day moving average is $585.05 and its two-hundred day moving average is $576.08.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. The company had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $6.64 EPS. On average, research analysts predict that Deere & Company will post 18.28 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.0%. Deere & Company's payout ratio is currently 36.71%.

Analysts Set New Price Targets

A number of equities analysts recently commented on DE shares. Bank of America lowered their target price on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $752.00 target price on shares of Deere & Company in a research report on Monday, June 1st. Jefferies Financial Group raised Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 price target on the stock in a report on Wednesday, April 8th. Truist Financial lifted their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Finally, Citigroup boosted their target price on Deere & Company from $575.00 to $610.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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