Zevenbergen Capital Investments LLC Acquires New Position in Deere & Company $DE

Key Points

• Zevenbergen Capital Investments LLC has acquired a new position in Deere & Company, purchasing 3,210 shares valued at approximately $1.63 million during the second quarter.
• Deere & Company reported earnings of $4.75 per share for its last quarter, exceeding estimates, but revenue declined by 9% year-over-year to $10.36 billion.
• The company has declared a quarterly dividend of $1.62 per share, with a dividend yield of 1.4%, to be paid on November 10th.

Zevenbergen Capital Investments LLC acquired a new stake in Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,210 shares of the industrial products company's stock, valued at approximately $1,632,000.

Other large investors have also bought and sold shares of the company. Assenagon Asset Management S.A. lifted its holdings in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after buying an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Deere & Company by 10.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after buying an additional 798 shares during the period. Providence Capital Advisors LLC lifted its holdings in Deere & Company by 2.1% in the first quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock valued at $6,871,000 after buying an additional 303 shares during the period. Bragg Financial Advisors Inc lifted its holdings in Deere & Company by 12.7% in the first quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock valued at $3,386,000 after buying an additional 813 shares during the period. Finally, ASR Vermogensbeheer N.V. acquired a new position in Deere & Company in the first quarter valued at approximately $13,588,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Stock Down 1.1%

Shares of DE stock opened at $471.35 on Friday. The firm has a fifty day moving average of $497.38 and a 200-day moving average of $490.32. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. Deere & Company has a 12-month low of $386.42 and a 12-month high of $533.78. The company has a market capitalization of $127.42 billion, a price-to-earnings ratio of 24.64, a P/E/G ratio of 3.06 and a beta of 1.00.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) 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 company had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter in the prior year, the firm earned $6.29 earnings per share. The firm's revenue was down 9.0% compared to the same quarter last year. As a group, equities research analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. Deere & Company's dividend payout ratio is currently 33.87%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Citigroup cut their target price on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Wall Street Zen upgraded shares of Deere & Company from a "sell" rating to a "hold" rating in a report on Saturday. DA Davidson cut their target price on shares of Deere & Company from $595.00 to $580.00 and set a "buy" rating on the stock in a report on Monday, August 18th. Truist Financial cut their target price on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a report on Friday, August 15th. Finally, JPMorgan Chase & Co. cut their target price on shares of Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Deere & Company presently has a consensus rating of "Moderate Buy" and an average target price of $520.87.

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.

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