McElhenny Sheffield Capital Management LLC Acquires Shares of 145,000 Deere & Company $DE

Key Points

• McElhenny Sheffield Capital Management LLC has acquired 145,000 shares of Deere & Company, valued at approximately $73.7 million, making it the firm's fifth largest holding.
• Deere recently announced a quarterly dividend of $1.62 per share, which will be paid on November 10th, resulting in an annualized dividend yield of 1.4%.
• Analysts have varied opinions on Deere's stock, with multiple price target adjustments; the average rating is a "Moderate Buy" with a price target of $518.59.

McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 145,000 shares of the industrial products company's stock, valued at approximately $73,731,000. Deere & Company comprises about 4.8% of McElhenny Sheffield Capital Management LLC's investment portfolio, making the stock its 5th biggest holding. McElhenny Sheffield Capital Management LLC owned approximately 0.05% of Deere & Company as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Hager Investment Management Services LLC lifted its holdings in shares of Deere & Company by 11.6% in the second quarter. Hager Investment Management Services LLC now owns 336 shares of the industrial products company's stock worth $171,000 after buying an additional 35 shares in the last quarter. Morey & Quinn Wealth Partners LLC lifted its holdings in shares of Deere & Company by 3.7% in the second quarter. Morey & Quinn Wealth Partners LLC now owns 2,839 shares of the industrial products company's stock worth $1,444,000 after buying an additional 100 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of Deere & Company by 1.7% in the second quarter. Maryland State Retirement & Pension System now owns 11,875 shares of the industrial products company's stock worth $6,038,000 after buying an additional 202 shares in the last quarter. Optas LLC lifted its holdings in shares of Deere & Company by 105.8% in the second quarter. Optas LLC now owns 1,568 shares of the industrial products company's stock worth $797,000 after buying an additional 806 shares in the last quarter. Finally, Massachusetts Wealth Management lifted its holdings in shares of Deere & Company by 0.7% in the second quarter. Massachusetts Wealth Management now owns 5,067 shares of the industrial products company's stock worth $2,577,000 after buying an additional 35 shares in the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.1%

Shares of NYSE DE opened at $461.06 on Thursday. Deere & Company has a one year low of $387.03 and a one year high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The firm's 50 day simple moving average is $481.60 and its two-hundred day simple moving average is $488.75. The stock has a market capitalization of $124.64 billion, a P/E ratio of 24.10, a PEG ratio of 2.97 and a beta of 1.02.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The firm had revenue of $10.36 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the business earned $6.29 earnings per share. The business's revenue was down 9.0% on a year-over-year basis. As a group, analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $1.62 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

Analyst Ratings Changes

DE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a report on Tuesday, September 2nd. Daiwa Capital Markets lowered their target price on shares of Deere & Company from $565.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, September 25th. Truist Financial raised their target price on shares of Deere & Company from $602.00 to $609.00 and gave the company a "buy" rating in a research note on Wednesday. Oppenheimer lowered their target price on shares of Deere & Company from $566.00 to $512.00 and set an "outperform" rating on the stock in a research note on Thursday, September 18th. Finally, DA Davidson lowered their target price on shares of Deere & Company from $595.00 to $580.00 and set a "buy" rating on the stock in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $518.59.

Deere & Company Profile

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.

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