Canada Pension Plan Investment Board Sells 9,529 Shares of Deere & Company (NYSE:DE)

Canada Pension Plan Investment Board lessened its stake in shares of Deere & Company (NYSE:DE) by 6.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,026 shares of the industrial products company’s stock after selling 9,529 shares during the period. Canada Pension Plan Investment Board’s holdings in Deere & Company were worth $52,996,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DE. True Wealth Design LLC boosted its stake in Deere & Company by 1,180.0% during the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 59 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Deere & Company during the 4th quarter valued at $28,000. Naples Money Management LLC purchased a new stake in Deere & Company during the 4th quarter valued at $29,000. Private Wealth Management Group LLC purchased a new stake in Deere & Company during the 4th quarter valued at $29,000. Finally, Bfsg LLC purchased a new stake in Deere & Company during the 4th quarter valued at $30,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Price Performance

NYSE:DE opened at $386.55 on Friday. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81. The business’s 50-day simple moving average is $372.59 and its two-hundred day simple moving average is $383.70. The stock has a market cap of $106.52 billion, a PE ratio of 11.64, a P/E/G ratio of 1.57 and a beta of 0.93. Deere & Company has a 52 week low of $345.93 and a 52 week high of $441.46.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. During the same period last year, the firm earned $9.65 earnings per share. The business’s quarterly revenue was down 15.4% on a year-over-year basis. As a group, analysts forecast that Deere & Company will post 25.41 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be issued a $1.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.88 annualized dividend and a dividend yield of 1.52%. Deere & Company’s dividend payout ratio (DPR) is 17.70%.

Insider Transactions at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $377.63, for a total value of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on DE. Truist Financial dropped their price target on Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. Morgan Stanley raised their price target on Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. Citigroup began coverage on Deere & Company in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $395.00 price target on the stock. Daiwa Capital Markets raised their price target on Deere & Company from $400.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 15th. Finally, DA Davidson dropped their price target on Deere & Company from $483.00 to $465.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $426.71.

Deere & Company Company Profile

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.