Citigroup Cuts Deere & Company (NYSE:DE) Price Target to $430.00

Deere & Company (NYSE:DEFree Report) had its price objective cut by Citigroup from $470.00 to $430.00 in a research note published on Tuesday,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other equities research analysts also recently commented on DE. JPMorgan Chase & Co. lifted their target price on shares of Deere & Company from $420.00 to $450.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Oppenheimer boosted their price target on Deere & Company from $448.00 to $477.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Truist Financial increased their price objective on shares of Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays boosted their target price on shares of Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley increased their price target on shares of Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Deere & Company presently has a consensus rating of “Hold” and a consensus price target of $442.83.

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Deere & Company Price Performance

DE stock opened at $439.29 on Tuesday. 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 firm has a 50 day moving average price of $429.66 and a 200-day moving average price of $401.06. Deere & Company has a 52-week low of $340.20 and a 52-week high of $469.39. The firm has a market capitalization of $119.30 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 1.74 and a beta of 0.98.

Deere & Company (NYSE:DEGet Free Report) last announced its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) 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 business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the previous year, the business earned $8.26 earnings per share. The firm’s quarterly revenue was down 32.8% compared to the same quarter last year. Equities research analysts forecast that Deere & Company will post 19.57 EPS for the current fiscal 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 issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.48%. 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 25.31%.

Hedge Funds Weigh In On Deere & Company

Several institutional investors have recently bought and sold shares of the stock. Charles Schwab Trust Co boosted its holdings in shares of Deere & Company by 1.6% during the 4th quarter. Charles Schwab Trust Co now owns 6,437 shares of the industrial products company’s stock valued at $2,727,000 after purchasing an additional 101 shares during the last quarter. Ballentine Partners LLC lifted its position in shares of Deere & Company by 16.3% in the fourth quarter. Ballentine Partners LLC now owns 6,110 shares of the industrial products company’s stock worth $2,589,000 after buying an additional 858 shares in the last quarter. Culbertson A N & Co. Inc. lifted its position in shares of Deere & Company by 1.1% in the fourth quarter. Culbertson A N & Co. Inc. now owns 24,202 shares of the industrial products company’s stock worth $10,254,000 after buying an additional 265 shares in the last quarter. ZWJ Investment Counsel Inc. lifted its position in shares of Deere & Company by 6.8% in the fourth quarter. ZWJ Investment Counsel Inc. now owns 1,593 shares of the industrial products company’s stock worth $675,000 after buying an additional 102 shares in the last quarter. Finally, Tudor Financial Inc. purchased a new position in Deere & Company during the 4th quarter valued at approximately $239,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Company Profile

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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.

Further Reading

Analyst Recommendations for Deere & Company (NYSE:DE)

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