Goldman Sachs Group Inc. Has $720 Million Holdings in Deere & Company (NYSE:DE)

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Deere & Company by 3.5%, now owning approximately $720 million worth of shares.
• Deere & Company reported a quarterly EPS of $6.64, surpassing estimates, despite a 17.9% decline in year-over-year revenue.
• The company declared a quarterly dividend of $1.62 per share, representing a dividend yield of 1.3% and a payout ratio of 31.35%.

Goldman Sachs Group Inc. decreased its holdings in Deere & Company (NYSE:DE - Free Report) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,534,036 shares of the industrial products company's stock after selling 56,017 shares during the period. Goldman Sachs Group Inc. owned 0.57% of Deere & Company worth $720,000,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DE. Sunbelt Securities Inc. increased its holdings in Deere & Company by 2.4% during the 1st quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock worth $434,000 after purchasing an additional 22 shares during the period. First Bancorp Inc ME increased its holdings in shares of Deere & Company by 4.7% in the 1st quarter. First Bancorp Inc ME now owns 509 shares of the industrial products company's stock valued at $239,000 after acquiring an additional 23 shares during the period. Leisure Capital Management increased its holdings in shares of Deere & Company by 0.8% in the 1st quarter. Leisure Capital Management now owns 2,886 shares of the industrial products company's stock valued at $1,355,000 after acquiring an additional 23 shares during the period. World Equity Group Inc. increased its holdings in shares of Deere & Company by 4.5% in the 1st quarter. World Equity Group Inc. now owns 552 shares of the industrial products company's stock valued at $244,000 after acquiring an additional 24 shares during the period. Finally, Bank of Jackson Hole Trust increased its holdings in shares of Deere & Company by 1.8% in the 1st quarter. Bank of Jackson Hole Trust now owns 1,322 shares of the industrial products company's stock valued at $636,000 after acquiring an additional 24 shares during the period. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Deere & Company stock traded down $6.56 during mid-day trading on Monday, reaching $503.81. The company had a trading volume of 272,232 shares, compared to its average volume of 1,325,482. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76. Deere & Company has a 52 week low of $343.90 and a 52 week high of $533.78. The company has a 50 day moving average of $512.47 and a 200-day moving average of $489.38. The firm has a market cap of $136.45 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 3.24 and a beta of 1.06.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping analysts' consensus estimates of $5.72 by $0.92. The company had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The firm's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period last year, the firm earned $8.53 EPS. On average, sell-side analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Monday, June 30th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is presently 31.35%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Morgan Stanley lifted their price target on Deere & Company from $450.00 to $500.00 and gave the company an "overweight" rating in a report on Wednesday, April 16th. Truist Financial raised their price objective on Deere & Company from $546.00 to $619.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. BMO Capital Markets reissued a "market perform" rating and issued a $460.00 price objective (up previously from $425.00) on shares of Deere & Company in a research report on Wednesday, May 21st. Raymond James Financial raised their price objective on Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Finally, Bank of America raised their price objective on Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Deere & Company currently has a consensus rating of "Hold" and an average price target of $523.93.

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.