Merit Financial Group LLC Buys 566 Shares of Deere & Company $DE

Key Points

• Merit Financial Group LLC increased its stake in Deere & Company by 6.3%, acquiring 566 additional shares during the 2nd quarter, bringing its total holdings to 9,494 shares valued at approximately $4.83 million.
• Deere & Company's recent quarterly earnings report showed earnings per share of $4.75, surpassing expectations, although revenue decreased by 9% year-over-year.
• The company announced a quarterly dividend of $1.62 per share, which translates to an annualized dividend yield of 1.4%, with payment scheduled for November 10th to investors of record on September 30th.

Merit Financial Group LLC boosted its stake in Deere & Company (NYSE:DE - Free Report) by 6.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,494 shares of the industrial products company's stock after acquiring an additional 566 shares during the period. Merit Financial Group LLC's holdings in Deere & Company were worth $4,828,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Activest Wealth Management lifted its position in shares of Deere & Company by 2,750.0% in the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock worth $27,000 after purchasing an additional 55 shares during the period. Hughes Financial Services LLC bought a new position in Deere & Company during the first quarter worth $29,000. Cornerstone Planning Group LLC raised its stake in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares during the last quarter. Marshall & Sullivan Inc. WA acquired a new position in Deere & Company in the second quarter valued at $38,000. Finally, Livelsberger Financial Advisory bought a new stake in Deere & Company during the second quarter valued at $39,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Robert W. Baird lowered their price objective on Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a research report on Friday, August 15th. Truist Financial cut their price target on Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a report on Friday, August 15th. Oppenheimer dropped 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 report on Thursday, September 18th. Wolfe Research reduced their price target on shares of Deere & Company from $550.00 to $520.00 and set an "outperform" rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Deere & Company from $500.00 to $495.00 and set a "neutral" rating for the company in a research note on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Deere & Company has a consensus rating of "Moderate Buy" and a consensus target price of $518.18.

Deere & Company Stock Performance

NYSE DE opened at $457.47 on Tuesday. The company has a market cap of $123.67 billion, a P/E ratio of 23.91, a PEG ratio of 2.98 and a beta of 1.02. The company has a fifty day simple moving average of $483.57 and a 200 day simple moving average of $489.14. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. Deere & Company has a 12-month low of $387.03 and a 12-month high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share 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 the consensus estimate of $10.33 billion. During the same quarter in the prior year, the company posted $6.29 earnings per share. The business's revenue was down 9.0% on a year-over-year basis. Sell-side analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.