Topsail Wealth Management LLC Takes Position in Deere & Company (NYSE:DE)

Topsail Wealth Management LLC acquired a new position in shares of Deere & Company (NYSE:DE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 569 shares of the industrial products company's stock, valued at approximately $267,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DE. Norges Bank acquired a new stake in shares of Deere & Company in the fourth quarter valued at $1,244,094,000. GAMMA Investing LLC grew its stake in shares of Deere & Company by 61,215.9% in the first quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company's stock valued at $822,781,000 after buying an additional 1,750,163 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in shares of Deere & Company in the fourth quarter valued at $541,437,000. Price T Rowe Associates Inc. MD grew its stake in shares of Deere & Company by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company's stock valued at $2,792,082,000 after buying an additional 1,095,736 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Deere & Company by 22.9% in the fourth quarter. FMR LLC now owns 5,581,408 shares of the industrial products company's stock valued at $2,364,843,000 after buying an additional 1,039,395 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Stock Up 0.3%

Shares of NYSE:DE traded up $1.44 on Wednesday, hitting $510.35. 1,152,349 shares of the company's stock were exchanged, compared to its average volume of 1,353,076. The firm's 50-day moving average is $508.42 and its 200 day moving average is $476.69. The company has a market capitalization of $138.22 billion, a PE ratio of 24.69, a P/E/G ratio of 3.24 and a beta of 1.08. Deere & Company has a 1-year low of $340.20 and a 1-year high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11.

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

Deere & Company Announces Dividend

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

Analyst Upgrades and Downgrades

DE has been the subject of a number of research reports. Oppenheimer lifted their price objective on Deere & Company from $513.00 to $555.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Deere & Company in a research note on Thursday, May 15th. Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Finally, Melius raised Deere & Company from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Deere & Company currently has an average rating of "Hold" and a consensus target price of $515.19.

About Deere & Company

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.