State Farm Mutual Automobile Insurance Co. Has $1.37 Billion Stake in Deere & Company $DE

Key Points

• State Farm Mutual Automobile Insurance Co. has reduced its holdings in Deere & Company by 1.4%, selling 42,218 shares, which now represents 1.3% of its investment portfolio.
• Despite a 9% year-over-year revenue decline, Deere reported a quarterly EPS of $4.75, exceeding analysts' expectations of $4.62.
• Deere recently announced a quarterly dividend of $1.62, which represents an annualized yield of 1.3% and a payout ratio of 31.35%.

State Farm Mutual Automobile Insurance Co. trimmed its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,909,316 shares of the industrial products company's stock after selling 42,218 shares during the quarter. Deere & Company accounts for about 1.3% of State Farm Mutual Automobile Insurance Co.'s portfolio, making the stock its 23rd largest position. State Farm Mutual Automobile Insurance Co. owned approximately 1.07% of Deere & Company worth $1,365,487,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Hughes Financial Services LLC purchased a new stake in Deere & Company during the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC grew its holdings in shares of 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 purchasing an additional 36 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Deere & Company in the fourth quarter valued at about $34,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Deere & Company during the 4th quarter valued at approximately $39,000. Finally, Dogwood Wealth Management LLC purchased a new stake in Deere & Company in the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE:DE traded down $1.9330 on Tuesday, hitting $489.1970. 1,491,962 shares of the company were exchanged, compared to its average volume of 1,365,119. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The company's 50 day moving average price is $510.56 and its two-hundred day moving average price is $490.14. Deere & Company has a one year low of $371.76 and a one year high of $533.78. The firm has a market capitalization of $132.49 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 3.10 and a beta of 1.06.

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

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Monday, June 30th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 30th. Deere & Company's dividend payout ratio is 33.87%.

Analysts Set New Price Targets

DE has been the topic of a number of research analyst reports. Robert W. Baird decreased their price target on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating on the stock in a report on Friday. Truist Financial cut their price objective on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a report on Friday. Evercore ISI set a $491.00 target price on shares of Deere & Company in a research report on Tuesday. Bank of America boosted their price objective on shares of Deere & Company from $495.00 to $556.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Raymond James Financial upped their target price on shares of Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $523.87.

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.