Deere & Company (NYSE:DE) Holdings Cut by Absher Wealth Management LLC

Absher Wealth Management LLC reduced its stake in shares of Deere & Company (NYSE:DE) by 16.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,718 shares of the industrial products company’s stock after selling 13,948 shares during the period. Deere & Company accounts for 3.9% of Absher Wealth Management LLC’s investment portfolio, making the stock its 11th biggest holding. Absher Wealth Management LLC’s holdings in Deere & Company were worth $29,539,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Choreo LLC grew its stake in Deere & Company by 3.5% in the fourth quarter. Choreo LLC now owns 20,166 shares of the industrial products company’s stock valued at $8,204,000 after purchasing an additional 676 shares in the last quarter. Confluence Wealth Services Inc. lifted its holdings in shares of Deere & Company by 13.0% during the 4th quarter. Confluence Wealth Services Inc. now owns 2,405 shares of the industrial products company’s stock valued at $1,019,000 after buying an additional 276 shares during the last quarter. Massachusetts Wealth Management raised its position in Deere & Company by 0.5% during the fourth quarter. Massachusetts Wealth Management now owns 5,127 shares of the industrial products company’s stock valued at $2,172,000 after acquiring an additional 25 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Deere & Company by 12.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,837 shares of the industrial products company’s stock worth $24,243,000 after acquiring an additional 6,256 shares in the last quarter. Finally, Weaver Capital Management LLC raised its holdings in shares of Deere & Company by 340.0% during the 4th quarter. Weaver Capital Management LLC now owns 2,539 shares of the industrial products company’s stock valued at $1,076,000 after purchasing an additional 1,962 shares in the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on DE. Citigroup lowered their target price on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Oppenheimer raised their price objective on Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Morgan Stanley increased 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. Jefferies Financial Group cut shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Friday, December 6th. Finally, Truist Financial raised their target price on shares of Deere & Company from $538.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Deere & Company presently has an average rating of “Hold” and a consensus price target of $444.50.

Deere & Company Price Performance

NYSE:DE opened at $467.77 on Thursday. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. The company has a 50-day moving average of $445.00 and a 200-day moving average of $411.50. Deere & Company has a 52 week low of $340.20 and a 52 week high of $485.84. The company has a market capitalization of $127.40 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 2.94 and a beta of 0.98.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, beating analysts’ consensus estimates of $3.89 by $0.66. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The company had revenue of $9.28 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the previous year, the business earned $8.26 earnings per share. The company’s quarterly revenue was down 32.8% on a year-over-year basis. As a group, equities research analysts anticipate that Deere & Company will post 19.38 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Tuesday, December 31st will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Tuesday, December 31st. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s payout ratio is currently 25.31%.

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.