HBK Sorce Advisory LLC Buys Shares of 5,336 Deere & Company $DE

Key Points

• HBK Sorce Advisory purchased 5,336 Deere & Company shares during the second quarter, valued at approximately $3.27 million. Hedge funds and other institutional investors collectively own 68.58% of the company.
• Deere reported quarterly earnings of $6.55 per share, beating the $5.70 consensus estimate, while revenue rose 5.4% year over year to $13.37 billion. Analysts project full-year earnings of $18.26 per share.
• Deere shares opened at $608.73, and the company recently paid a quarterly dividend of $1.62 per share, equivalent to a 1.1% yield. Wall Street maintains a “Moderate Buy” consensus rating with an average price target of $641.98.

HBK Sorce Advisory LLC purchased a new stake in Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,336 shares of the industrial products company's stock, valued at approximately $3,266,000.

A number of other hedge funds have also modified their holdings of DE. Brighton Jones LLC raised its holdings in Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after buying an additional 1,278 shares during the period. Schnieders Capital Management LLC. boosted its stake in Deere & Company by 7.8% during the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company's stock worth $1,056,000 after buying an additional 150 shares during the period. Jump Financial LLC acquired a new stake in shares of Deere & Company during the second quarter valued at about $2,153,000. NewEdge Advisors LLC increased its position in shares of Deere & Company by 6.0% during the second quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company's stock valued at $9,538,000 after acquiring an additional 1,067 shares during the last quarter. Finally, Main Street Financial Solutions LLC raised its stake in shares of Deere & Company by 6.7% in the 2nd quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company's stock valued at $789,000 after acquiring an additional 97 shares during the period. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.0%

Shares of DE opened at $608.73 on Monday. The company's 50-day simple moving average is $603.23 and its 200-day simple moving average is $588.27. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The stock 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.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm had revenue of $13.37 billion during the quarter, compared to analysts' expectations of $11.55 billion. During the same quarter in the previous year, the business posted $6.64 earnings per share. The business's quarterly revenue was up 5.4% compared to the same quarter last year. Analysts forecast that Deere & Company will post 18.26 earnings per share for the current fiscal 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 given 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 (DPR) is currently 36.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on DE shares. Truist Financial upped their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Robert W. Baird dropped their target price on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, May 22nd. Oppenheimer restated an "outperform" rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. Bank of America lowered their price target on Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price target on shares of Deere & Company in a research report on Monday, June 1st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $641.98.

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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