QRG Capital Management Inc. Cuts Stock Position in Deere & Company $DE

Key Points

• QRG Capital Management cut its stake in Deere by 14.8% in Q4, selling 2,310 shares and now holds 13,349 shares valued at $6.215 million, while 68.58% of DE is owned by hedge funds and other institutional investors.
• Deere beat expectations in the latest quarter with EPS of $2.42 versus $1.90 expected and revenue of $9.61 billion versus $7.50 billion, a 17.5% year-over-year revenue increase.
• The company declared a quarterly dividend of $1.62 (annualized $6.48, yield 1.1%; ex-dividend March 31, payable May 8), and analysts have raised price targets — consensus is a Moderate Buy with an average target of $655.45 and top targets up to $730.

QRG Capital Management Inc. cut its stake in shares of Deere & Company (NYSE:DE - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,349 shares of the industrial products company's stock after selling 2,310 shares during the quarter. QRG Capital Management Inc.'s holdings in Deere & Company were worth $6,215,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Strategic Advocates LLC purchased a new stake in shares of Deere & Company in the third quarter valued at about $25,000. Key Capital Management INC acquired a new stake in Deere & Company in the fourth quarter valued at about $27,000. Activest Wealth Management boosted its holdings in Deere & Company by 69.2% in the 3rd quarter. Activest Wealth Management now owns 66 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 27 shares in the last quarter. Wealth Watch Advisors INC purchased a new position in shares of Deere & Company during the 3rd quarter worth approximately $32,000. Finally, High Point Wealth Management LLC acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $41,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Up 3.0%

Shares of NYSE DE opened at $592.84 on Thursday. The firm's 50-day moving average is $587.56 and its two-hundred day moving average is $531.89. The company has a market capitalization of $160.13 billion, a PE ratio of 33.42, a price-to-earnings-growth ratio of 2.01 and a beta of 0.96. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.21 and a quick ratio of 1.96.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.52. Deere & Company had a net margin of 10.29% and a return on equity of 18.93%. The business had revenue of $9.61 billion during the quarter, compared to analysts' expectations of $7.50 billion. During the same period last year, the company posted $3.19 EPS. The company's revenue was up 17.5% on a year-over-year basis. Equities analysts anticipate that Deere & Company will post 18.01 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.48 annualized dividend and a yield of 1.1%. Deere & Company's dividend payout ratio (DPR) is presently 36.53%.

Analysts Set New Price Targets

DE has been the subject of several research analyst reports. Bank of America increased their price objective on Deere & Company from $502.00 to $672.00 and gave the stock a "neutral" rating in a research report on Friday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Deere & Company from $525.00 to $550.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Wall Street Zen upgraded shares of Deere & Company from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. BMO Capital Markets lifted their price target on shares of Deere & Company from $460.00 to $500.00 and gave the company a "market perform" rating in a research report on Friday, February 20th. Finally, Morgan Stanley upped their price target on Deere & Company from $560.00 to $730.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Sixteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Deere & Company presently has a consensus rating of "Moderate Buy" and a consensus target price of $655.45.

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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