Deere & Company (NYSE:DE) Price Target Raised to $507.00

Deere & Company (NYSE:DE) had its target price boosted by Oppenheimer from $477.00 to $507.00 in a research report released on Tuesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

DE has been the subject of several other research reports. Citigroup lowered their price target on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Truist Financial upped their target price on shares of Deere & Company from $538.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. increased their price target on Deere & Company from $450.00 to $470.00 and gave the company a “neutral” rating in a research note on Wednesday, January 15th. UBS Group lifted their price objective on Deere & Company from $404.00 to $462.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Morgan Stanley increased their target price on Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $444.50.

Deere & Company Stock Performance

DE stock opened at $479.91 on Tuesday. The company has a 50 day moving average price of $443.22 and a 200 day moving average price of $408.60. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $485.84. The company has a debt-to-equity ratio of 1.89, a current ratio of 2.09 and a quick ratio of 1.90. The stock has a market capitalization of $130.70 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 2.84 and a beta of 0.98.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, topping analysts’ consensus estimates of $3.89 by $0.66. The company had revenue of $9.28 billion during the quarter, compared to the consensus estimate of $9.20 billion. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The firm’s quarterly revenue was down 32.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.26 earnings per share. Analysts forecast that Deere & Company will post 19.34 EPS for the current year.

Deere & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.35%. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. The ex-dividend date is Tuesday, December 31st. Deere & Company’s dividend payout ratio is presently 25.31%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Valmark Advisers Inc. increased its holdings in Deere & Company by 1.8% in the 4th quarter. Valmark Advisers Inc. now owns 2,642 shares of the industrial products company’s stock valued at $1,120,000 after buying an additional 46 shares during the period. Csenge Advisory Group boosted its position in shares of Deere & Company by 5.4% during the 4th quarter. Csenge Advisory Group now owns 2,580 shares of the industrial products company’s stock worth $1,093,000 after acquiring an additional 132 shares in the last quarter. J.P. Marvel Investment Advisors LLC increased its stake in Deere & Company by 2.7% in the fourth quarter. J.P. Marvel Investment Advisors LLC now owns 27,784 shares of the industrial products company’s stock valued at $11,772,000 after acquiring an additional 740 shares during the last quarter. Secured Retirement Advisors LLC bought a new stake in Deere & Company during the fourth quarter worth $1,094,000. Finally, Strategic Financial Concepts LLC boosted its holdings in shares of Deere & Company by 16.3% in the 4th quarter. Strategic Financial Concepts LLC now owns 783 shares of the industrial products company’s stock valued at $332,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 68.58% of the company’s stock.

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.