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

Deere & Company (NYSE:DE - Free Report) had its target price raised by Oppenheimer from $477.00 to $507.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company's stock.

Several other research analysts have also weighed in on the stock. UBS Group increased their target price on shares of Deere & Company from $404.00 to $462.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their target price on shares of Deere & Company from $450.00 to $470.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 15th. Barclays increased their target price on shares of Deere & Company from $400.00 to $475.00 and gave the stock an "overweight" rating in a research note on Friday, November 22nd. Truist Financial raised their price objective 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. Finally, Morgan Stanley raised their price objective on shares of Deere & Company from $401.00 to $450.00 and gave the company an "overweight" rating in a research note on Monday, November 25th. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Deere & Company has an average rating of "Hold" and an average target price of $444.50.

Deere & Company Trading Down 0.7 %

Shares of DE traded down $3.56 during mid-day trading on Tuesday, reaching $480.59. The stock had a trading volume of 1,642,397 shares, compared to its average volume of 1,421,406. 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 firm has a market cap of $130.89 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 2.84 and a beta of 0.98. The business's fifty day moving average is $440.14 and its 200 day moving average is $407.30. Deere & Company has a 52-week low of $340.20 and a 52-week high of $485.84.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, topping the consensus estimate of $3.89 by $0.66. The company had revenue of $9.28 billion during 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%. Deere & Company's revenue was down 32.8% compared to the same quarter last year. During the same quarter last year, the firm posted $8.26 earnings per share. On average, sell-side analysts predict that Deere & Company will post 19.34 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. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.35%. The ex-dividend date is Tuesday, December 31st. This is a boost from Deere & Company's previous quarterly dividend of $1.47. Deere & Company's payout ratio is 25.31%.

Institutional Trading of Deere & Company

Several institutional investors have recently modified their holdings of the stock. Canvas Wealth Advisors LLC purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $202,000. Angeles Wealth Management LLC lifted its position in shares of Deere & Company by 35.9% during the 4th quarter. Angeles Wealth Management LLC now owns 663 shares of the industrial products company's stock worth $281,000 after buying an additional 175 shares during the last quarter. Compass Financial Services Inc purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $254,000. Kestra Private Wealth Services LLC lifted its position in shares of Deere & Company by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 8,976 shares of the industrial products company's stock worth $3,803,000 after buying an additional 130 shares during the last quarter. Finally, Visionary Horizons LLC lifted its position in shares of Deere & Company by 9.4% during the 4th quarter. Visionary Horizons LLC now owns 1,527 shares of the industrial products company's stock worth $647,000 after buying an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Company Profile

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.