Truist Financial Forecasts Strong Price Appreciation for Deere & Company (NYSE:DE) Stock

Deere & Company (NYSE:DE) had its price objective lifted by Truist Financial from $538.00 to $550.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other equities research analysts have also commented on DE. JPMorgan Chase & Co. increased their price objective on shares of Deere & Company from $420.00 to $450.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Citigroup raised their price target on shares of Deere & Company from $460.00 to $470.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Jefferies Financial Group downgraded Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Friday, December 6th. Oppenheimer boosted their target price on Deere & Company from $448.00 to $477.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley raised their price target on Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Thirteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Deere & Company has a consensus rating of “Hold” and a consensus target price of $443.94.

Deere & Company Stock Up 0.1 %

Shares of DE opened at $426.63 on Thursday. Deere & Company has a 12 month low of $340.20 and a 12 month high of $469.39. The stock has a market cap of $115.86 billion, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.91 and a beta of 0.96. The company has a 50-day moving average price of $422.95 and a two-hundred day moving average price of $394.29. The company has a quick ratio of 1.90, a current ratio of 2.09 and a debt-to-equity ratio of 1.89.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.89 by $0.66. The firm had revenue of $9.28 billion during the quarter, compared to the consensus estimate of $9.20 billion. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The firm’s quarterly revenue was down 32.8% on a year-over-year basis. During the same period last year, the firm posted $8.26 EPS. Equities analysts predict that Deere & Company will post 19.52 EPS for the current fiscal year.

Deere & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Tuesday, December 31st will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. This represents a $6.48 annualized dividend and a yield of 1.52%. Deere & Company’s payout ratio is 25.31%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Stockbridge Partners LLC raised its holdings in Deere & Company by 157.5% in the 3rd quarter. Stockbridge Partners LLC now owns 884,237 shares of the industrial products company’s stock valued at $369,019,000 after acquiring an additional 540,874 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Deere & Company by 1.5% in the 3rd quarter. Toronto Dominion Bank now owns 86,952 shares of the industrial products company’s stock valued at $36,288,000 after buying an additional 1,291 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Deere & Company by 20.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock worth $5,906,000 after acquiring an additional 2,692 shares during the period. Chase Investment Counsel Corp increased its stake in Deere & Company by 53.8% in the third quarter. Chase Investment Counsel Corp now owns 4,000 shares of the industrial products company’s stock valued at $1,669,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Balentine LLC acquired a new position in Deere & Company during the third quarter valued at approximately $710,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.