Deere & Company $DE Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System trimmed its stake in Deere & Company by 4.3%, selling 8,458 shares and now holding 186,950 shares worth about $87.04 million.
• Analysts have been lifting targets and ratings—Deere has a consensus rating of "Moderate Buy" with an average price target of $655.45 (16 Buys, 9 Holds).
• Deere reported a strong quarter, beating estimates with $2.42 EPS (vs. $1.90) and $9.61 billion revenue, and announced a quarterly dividend of $1.62 ($6.48 annual, ~1.1% yield).

New York State Teachers Retirement System lessened its stake in shares of Deere & Company (NYSE:DE - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 186,950 shares of the industrial products company's stock after selling 8,458 shares during the period. New York State Teachers Retirement System owned 0.07% of Deere & Company worth $87,038,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Strategic Advocates LLC acquired a new position in shares of Deere & Company in the 3rd quarter worth approximately $25,000. Key Capital Management INC purchased a new position in shares of Deere & Company in the fourth quarter valued at approximately $27,000. Activest Wealth Management grew its holdings in shares of Deere & Company by 69.2% in the third quarter. Activest Wealth Management now owns 66 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 27 shares in the last quarter. Wealth Watch Advisors INC purchased a new stake in Deere & Company during the 3rd quarter worth approximately $32,000. Finally, High Point Wealth Management LLC acquired a new stake in Deere & Company during the 4th quarter worth approximately $41,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley raised their price target on shares of Deere & Company from $560.00 to $730.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Wolfe Research lifted their price objective on Deere & Company from $550.00 to $660.00 and gave the company an "outperform" rating in a research note on Tuesday, March 31st. Raymond James Financial reiterated an "outperform" rating and issued a $765.00 price target on shares of Deere & Company in a research note on Monday, February 23rd. Truist Financial increased their price objective on shares of Deere & Company from $612.00 to $793.00 and gave the company a "buy" rating in a research report on Friday, February 20th. Finally, Sanford C. Bernstein raised their price objective on shares of Deere & Company from $521.00 to $615.00 and gave the company a "market perform" rating in a report on Friday, February 20th. Sixteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Deere & Company currently has an average rating of "Moderate Buy" and a consensus price target of $655.45.

Deere & Company Stock Up 5.6%

DE opened at $591.19 on Friday. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The business has a 50 day moving average price of $590.37 and a two-hundred day moving average price of $528.84. The company has a quick ratio of 1.96, a current ratio of 2.21 and a debt-to-equity ratio of 1.59. The company has a market cap of $159.68 billion, a PE ratio of 33.33, a P/E/G ratio of 1.95 and a beta of 0.98.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, February 19th. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.52. The company had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $7.50 billion. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.The company's revenue was up 17.5% on a year-over-year basis. During the same period last year, the business posted $3.19 EPS. As a group, research analysts anticipate that Deere & Company will post 18.01 EPS for the current year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Tuesday, March 31st will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Tuesday, March 31st. Deere & Company's dividend payout ratio (DPR) is 36.53%.

About Deere & Company

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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