Handelsbanken Fonder AB Cuts Stock Position in Deere & Company $DE

Key Points

• Handelsbanken Fonder AB reduced its Deere stake by 5.4% in the second quarter, selling 6,578 shares and retaining 114,640 shares valued at approximately $72.7 million. Institutional investors collectively own 68.58% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from 23 analysts and an average price target of $642.98. Recent targets range from $610 at Citigroup to $812 at Truist Financial.
• Deere reported quarterly EPS of $6.55, beating estimates of $5.70, while revenue reached $13.37 billion and rose 5.4% year over year. The company also maintains a quarterly dividend of $1.62, equivalent to a 1.1% yield.

Handelsbanken Fonder AB lessened its position in shares of Deere & Company (NYSE:DE - Free Report) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 114,640 shares of the industrial products company's stock after selling 6,578 shares during the quarter. Handelsbanken Fonder AB's holdings in Deere & Company were worth $72,720,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Deere & Company by 65.5% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 682 shares of the industrial products company's stock worth $433,000 after purchasing an additional 270 shares in the last quarter. Community Financial Services Group LLC boosted its position in shares of Deere & Company by 3.1% in the 2nd quarter. Community Financial Services Group LLC now owns 843 shares of the industrial products company's stock worth $529,000 after purchasing an additional 25 shares in the last quarter. Perkins Coie Trust Co boosted its position in shares of Deere & Company by 52.9% in the 2nd quarter. Perkins Coie Trust Co now owns 182 shares of the industrial products company's stock worth $115,000 after purchasing an additional 63 shares in the last quarter. Fulton Bank N.A. grew its stake in Deere & Company by 5.4% during the 2nd quarter. Fulton Bank N.A. now owns 2,215 shares of the industrial products company's stock worth $1,405,000 after buying an additional 113 shares during the last quarter. Finally, Harrell Investment Partners LLC grew its stake in Deere & Company by 1.7% during the 2nd quarter. Harrell Investment Partners LLC now owns 1,577 shares of the industrial products company's stock worth $1,000,000 after buying an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Citigroup increased their price target on Deere & Company from $575.00 to $610.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a research note on Sunday, July 5th. Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a report on Monday, June 1st. Oppenheimer reaffirmed an "outperform" rating and issued a $680.00 price objective (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Finally, Truist Financial lifted their target price 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. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $642.98.

Deere & Company Stock Performance

DE opened at $608.68 on Tuesday. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The firm has a 50 day moving average of $600.93 and a two-hundred day moving average of $585.63. The firm has a market capitalization of $164.31 billion, a PE ratio of 34.49, a P/E/G ratio of 2.62 and a beta of 0.90.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data 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 business had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The business's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $6.64 EPS. On average, analysts anticipate that Deere & Company will post 18.26 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, June 30th. Deere & Company's dividend payout ratio is presently 36.71%.

Deere & 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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