DAVENPORT & Co LLC Boosts Position in Deere & Company $DE

Key Points

• DAVENPORT & Co LLC significantly increased its stake in Deere & Company by 44.8% in the second quarter, owning 38,950 shares worth approximately $19.8 million.
• Institutional investors collectively own 68.58% of Deere & Company's stock, with notable increases from various hedge funds in the past quarter.
• Deere & Company reported $4.75 earnings per share for the last quarter, exceeding estimates, but saw a 9% decline in revenue year-over-year.

DAVENPORT & Co LLC grew its position in Deere & Company (NYSE:DE - Free Report) by 44.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,950 shares of the industrial products company's stock after buying an additional 12,044 shares during the quarter. DAVENPORT & Co LLC's holdings in Deere & Company were worth $19,806,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in DE. Activest Wealth Management increased its holdings in Deere & Company by 2,750.0% during the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. Hughes Financial Services LLC acquired a new stake in shares of Deere & Company in the first quarter valued at approximately $29,000. Cornerstone Planning Group LLC grew its position in shares of 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 purchasing an additional 36 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new position in shares of Deere & Company during the 2nd quarter worth approximately $38,000. Finally, Livelsberger Financial Advisory acquired a new position in shares of Deere & Company during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

DE has been the topic of a number of analyst reports. Evercore ISI set a $491.00 target price on Deere & Company in a report on Tuesday, August 19th. Weiss Ratings restated a "hold (c+)" rating on shares of Deere & Company in a research report on Saturday, September 27th. Truist Financial dropped their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday, August 15th. Robert W. Baird cut their target price on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a research note on Friday, August 15th. Finally, Wall Street Zen raised shares of Deere & Company from a "sell" rating to a "hold" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $518.18.

Deere & Company Price Performance

DE stock opened at $457.47 on Tuesday. The firm has a market cap of $123.67 billion, a P/E ratio of 23.91, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. Deere & Company has a 1 year low of $387.03 and a 1 year high of $533.78. The stock has a 50-day simple moving average of $483.57 and a 200-day simple moving average of $489.14.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The company had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter last year, the company earned $6.29 earnings per share. Deere & Company's revenue for the quarter was down 9.0% on a year-over-year basis. On average, equities analysts predict that Deere & Company will post 19.32 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, November 10th. Shareholders of record on Tuesday, September 30th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Deere & Company's dividend payout ratio is presently 33.87%.

About Deere & Company

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.

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