Deere & Company (NYSE:DE) Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd sold 20,282 shares of Deere & Company, reducing its stake by 48.9% to 21,173 shares, valued at approximately $9.85 million.
• Several hedge funds, including Drive Wealth Management LLC and Cetera Investment Advisers, have increased their positions in Deere, reflecting growing institutional interest in the stock.
• After recent analyst upgrades, the average price target for Deere & Company is $515.50, with Barclays and Raymond James setting their targets at $530.00 and $560.00, respectively.

Mediolanum International Funds Ltd cut its holdings in Deere & Company (NYSE:DE - Free Report) by 48.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,173 shares of the industrial products company's stock after selling 20,282 shares during the quarter. Mediolanum International Funds Ltd's holdings in Deere & Company were worth $9,852,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sunbelt Securities Inc. grew its holdings in Deere & Company by 2.4% in the first quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock valued at $434,000 after purchasing an additional 22 shares during the last quarter. First Bancorp Inc ME raised its holdings in shares of Deere & Company by 4.7% in the first quarter. First Bancorp Inc ME now owns 509 shares of the industrial products company's stock worth $239,000 after acquiring an additional 23 shares during the last quarter. World Equity Group Inc. raised its holdings in shares of Deere & Company by 4.5% in the first quarter. World Equity Group Inc. now owns 552 shares of the industrial products company's stock worth $244,000 after acquiring an additional 24 shares during the last quarter. Coppell Advisory Solutions LLC raised its holdings in shares of Deere & Company by 2.5% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,011 shares of the industrial products company's stock worth $432,000 after acquiring an additional 25 shares during the last quarter. Finally, Glen Eagle Advisors LLC raised its holdings in shares of Deere & Company by 0.9% in the fourth quarter. Glen Eagle Advisors LLC now owns 2,936 shares of the industrial products company's stock worth $1,244,000 after acquiring an additional 25 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

Shares of NYSE DE traded down $2.02 during mid-day trading on Wednesday, hitting $510.49. The company had a trading volume of 365,842 shares, compared to its average volume of 1,335,914. The stock has a market cap of $138.25 billion, a price-to-earnings ratio of 24.70, a PEG ratio of 3.24 and a beta of 1.08. Deere & Company has a 12 month low of $340.20 and a 12 month high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89. The firm's 50 day simple moving average is $512.40 and its two-hundred day simple moving average is $485.72.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.72 by $0.92. The business had revenue of $11.17 billion for the quarter, compared to the consensus estimate of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The business's revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the business posted $8.53 EPS. As a group, equities research analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, June 30th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.27%. The ex-dividend date is Monday, June 30th. Deere & Company's dividend payout ratio is currently 31.35%.

Analysts Set New Price Targets

Several analysts have commented on DE shares. Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. Robert W. Baird increased their target price on Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Citigroup lowered their target price on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. increased their target price on Deere & Company from $490.00 to $540.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $515.50.

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.