Corebridge Financial Inc. Sells 2,644 Shares of Deere & Company $DE

Key Points

• Corebridge Financial Inc. decreased its holdings in Deere & Company by 4.0% during the 1st quarter, now owning 62,753 shares worth approximately $29.45 million.
• Analysts have mixed views on Deere & Company, with price targets ranging from $525 to $560, and an average price target of $523.87 reflecting a "Moderate Buy" rating.
• Deere & Company reported earnings of $4.75 EPS for the last quarter, surpassing expectations, although revenues decreased by 9% compared to the previous year.

Corebridge Financial Inc. reduced its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,753 shares of the industrial products company's stock after selling 2,644 shares during the period. Corebridge Financial Inc.'s holdings in Deere & Company were worth $29,453,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its stake in shares of Deere & Company by 58.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after purchasing an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Deere & Company by 10.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after purchasing an additional 798 shares during the period. Providence Capital Advisors LLC boosted its stake in shares of Deere & Company by 2.1% during the first quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock valued at $6,871,000 after purchasing an additional 303 shares during the period. Bragg Financial Advisors Inc boosted its stake in shares of Deere & Company by 12.7% during the first quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock valued at $3,386,000 after purchasing an additional 813 shares during the period. Finally, ASR Vermogensbeheer N.V. purchased a new stake in shares of Deere & Company during the first quarter valued at approximately $13,588,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Up 1.2%

Deere & Company stock traded up $5.68 on Wednesday, hitting $493.44. 912,393 shares of the stock traded hands, compared to its average volume of 1,488,387. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. The firm has a market cap of $133.64 billion, a P/E ratio of 25.79, a price-to-earnings-growth ratio of 3.13 and a beta of 1.06. The business's fifty day simple moving average is $506.54 and its 200 day simple moving average is $490.93. Deere & Company has a 1 year low of $374.46 and a 1 year high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, beating the consensus estimate of $4.62 by $0.13. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The company's revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $6.29 earnings per share. As a group, sell-side analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. Deere & Company's payout ratio is presently 33.87%.

Wall Street Analyst Weigh In

DE has been the subject of a number of analyst reports. Melius raised Deere & Company from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Citigroup dropped their price target on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Oppenheimer raised their price target on Deere & Company from $560.00 to $566.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Barclays raised their price target on Deere & Company from $475.00 to $530.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Deere & Company in a research note on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $523.87.

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.