Deere & Company $DE Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management cut its Deere & Company stake by 93.5% in the second quarter, selling 7,671 shares and retaining 533 shares valued at approximately $338,000. Institutional investors collectively own 68.58% of Deere’s stock.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and nine Holds producing a consensus “Moderate Buy” rating and an average price target of $641.98, despite several recent target-price reductions.
• Deere reported quarterly EPS of $6.55, exceeding estimates by $0.85, while revenue rose 5.4% year over year to $13.37 billion. The company also paid a quarterly dividend of $1.62 per share, representing a 1.1% yield.

Wedge Capital Management L L P NC lessened its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 93.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 533 shares of the industrial products company's stock after selling 7,671 shares during the period. Wedge Capital Management L L P NC's holdings in Deere & Company were worth $338,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Raymond James Financial lowered their target price on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating for the company in a research note on Friday, May 22nd. Seaport Research Partners set a $570.00 price target on shares of Deere & Company in a research note on Friday. JPMorgan Chase & Co. decreased their price target on shares of Deere & Company from $590.00 to $570.00 and set a "neutral" rating for the company in a report on Friday. Truist Financial lifted their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Finally, Oppenheimer reissued an "outperform" rating and set a $680.00 price objective (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $641.98.

Deere & Company Trading Down 0.6%

NYSE DE opened at $608.73 on Friday. The company 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 fifty day moving average of $603.23 and a 200 day moving average of $587.77. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95.

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

Deere & Company Dividend Announcement

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