Perigon Wealth Management LLC Buys Shares of 19,232 Deere & Company $DE

Key Points

• Perigon Wealth Management acquired 19,232 Deere & Company shares in the second quarter, valued at approximately $12.2 million. Institutional investors collectively own 68.58% of the company.
• Deere reported quarterly EPS of $6.55, beating estimates of $5.70, while revenue rose 5.4% year over year to $13.37 billion. The company’s annualized dividend is $6.48 per share, yielding about 1.1%.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $641.98 versus the stock’s opening price of $600.08; targets range from $525 to $812.

Perigon Wealth Management LLC acquired a new stake in Deere & Company (NYSE:DE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 19,232 shares of the industrial products company's stock, valued at approximately $12,200,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Anchyra Partners LLC lifted its stake in Deere & Company by 0.5% during the 1st quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 17 shares in the last quarter. William B. Walkup & Associates Inc. increased its stake in Deere & Company by 0.6% during the first quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company's stock worth $1,638,000 after purchasing an additional 17 shares during the period. Advisortrust Partners LLC increased its stake in Deere & Company by 2.0% during the first quarter. Advisortrust Partners LLC now owns 914 shares of the industrial products company's stock worth $515,000 after purchasing an additional 18 shares during the period. Cerro Pacific Wealth Advisors LLC lifted its position in shares of Deere & Company by 0.6% during the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company's stock worth $1,480,000 after purchasing an additional 19 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its position in shares of Deere & Company by 2.4% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company's stock worth $379,000 after purchasing an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Down 1.4%

Deere & Company stock opened at $600.08 on Tuesday. The stock has a market cap of $161.99 billion, a PE ratio of 34.00, a P/E/G ratio of 2.57 and a beta of 0.90. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. The stock's fifty day moving average is $603.76 and its two-hundred day moving average is $588.84. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19.

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 analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. During the same quarter in the prior year, the business posted $6.64 EPS. The business's revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts expect that Deere & Company will post 18.26 EPS for the current fiscal year.

Deere & Company Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price target on shares of Deere & Company in a report on Monday, June 1st. Seaport Research Partners set a $570.00 price target on Deere & Company in a research report on Friday. Robert W. Baird decreased their price objective on Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Finally, Truist Financial raised their target price on shares of Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Fourteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Deere & Company currently has a consensus rating of "Moderate Buy" and an average target price of $641.98.

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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