Deere & Company (NYSE:DE) Price Target Raised to $470.00

Deere & Company (NYSE:DE - Free Report) had its price target raised by JPMorgan Chase & Co. from $450.00 to $470.00 in a report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the industrial products company's stock.

Several other research analysts have also recently weighed in on DE. Jefferies Financial Group cut Deere & Company from a "buy" rating to a "hold" rating and set a $510.00 price target for the company. in a research report on Friday, December 6th. Truist Financial boosted 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. Citigroup dropped their price target 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. Morgan Stanley lifted their price objective on shares of Deere & Company from $401.00 to $450.00 and gave the company an "overweight" rating in a report on Monday, November 25th. Finally, Oppenheimer raised their target price on Deere & Company from $448.00 to $477.00 and gave the company an "outperform" rating in a research report on Friday, November 22nd. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $442.83.

Deere & Company Stock Performance

Shares of DE stock traded down $3.47 during trading hours on Wednesday, hitting $428.84. The company's stock had a trading volume of 1,432,051 shares, compared to its average volume of 1,267,156. The stock has a market cap of $116.80 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.88 and a beta of 0.98. Deere & Company has a 12-month low of $340.20 and a 12-month high of $469.39. The company has a 50 day moving average of $429.20 and a 200 day moving average of $400.87. The company has a current ratio of 2.09, a quick ratio of 1.90 and a debt-to-equity ratio of 1.89.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The industrial products company reported $4.55 EPS for the quarter, beating the consensus estimate of $3.89 by $0.66. The company had revenue of $9.28 billion for the quarter, compared to analyst estimates of $9.20 billion. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The firm's revenue was down 32.8% on a year-over-year basis. During the same period in the prior year, the company earned $8.26 earnings per share. On average, sell-side analysts forecast that Deere & Company will post 19.41 EPS for the current fiscal year.

Deere & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.51%. This is a positive change from Deere & Company's previous quarterly dividend of $1.47. Deere & Company's dividend payout ratio (DPR) is presently 25.31%.

Institutional Investors Weigh In On Deere & Company

A number of hedge funds have recently modified their holdings of DE. Fairscale Capital LLC purchased a new stake in Deere & Company during the 2nd quarter valued at about $26,000. Livelsberger Financial Advisory acquired a new position in shares of Deere & Company during the 3rd quarter worth approximately $32,000. Modus Advisors LLC purchased a new stake in shares of Deere & Company in the fourth quarter valued at approximately $32,000. Centennial Bank AR increased its holdings in shares of Deere & Company by 420.0% in the second quarter. Centennial Bank AR now owns 104 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 84 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in Deere & Company by 155.8% during the third quarter. Continuum Advisory LLC now owns 110 shares of the industrial products company's stock worth $43,000 after buying an additional 67 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

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.