Wells Fargo & Co. Upgrades Deere & Co. (DE) to “Outperform”
Deere & Co. (NYSE:DE) was upgraded by investment analysts at Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research report issued on Monday.
Other analysts also recently issued reports about the company. Zacks Investment Research raised Deere & Co. from a “hold” rating to a “strong-buy” rating and set a $95.00 target price for the company in a research note on Monday, September 12th. TheStreet downgraded Deere & Co. from a “buy” rating to a “hold” rating in a research note on Monday, October 3rd. Piper Jaffray Cos. downgraded Deere & Co. from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $77.64 to $67.00 in a research note on Monday, July 25th. Vetr raised Deere & Co. from a “sell” rating to a “hold” rating and set a $77.39 target price for the company in a research note on Tuesday, July 5th. Finally, Morgan Stanley raised their target price on Deere & Co. from $70.00 to $76.00 and gave the stock an “underweight” rating in a research note on Monday, August 22nd. Eight investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $82.40.
Deere & Co. (NYSE:DE) traded up 1.41% on Monday, reaching $87.52. 3,210,547 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $84.40 and a 200-day moving average price of $81.94. Deere & Co. has a 52 week low of $70.16 and a 52 week high of $89.34. The stock has a market capitalization of $27.52 billion, a price-to-earnings ratio of 17.54 and a beta of 0.89.
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Deere & Co. (NYSE:DE) last posted its quarterly earnings data on Friday, August 19th. The company reported $1.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.61. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The firm earned $6.72 billion during the quarter. During the same period in the prior year, the company posted $1.53 earnings per share. The firm’s revenue for the quarter was down 14.3% compared to the same quarter last year. On average, analysts predict that Deere & Co. will post $4.30 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Wednesday, September 28th. Deere & Co.’s dividend payout ratio (DPR) is presently 48.10%.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Deere & Co. by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,767,247 shares of the company’s stock valued at $1,439,858,000 after buying an additional 265,118 shares during the period. State Street Corp raised its stake in shares of Deere & Co. by 0.3% in the first quarter. State Street Corp now owns 12,081,309 shares of the company’s stock valued at $930,132,000 after buying an additional 38,519 shares during the period. FMR LLC raised its stake in shares of Deere & Co. by 37.2% in the second quarter. FMR LLC now owns 9,139,259 shares of the company’s stock valued at $740,647,000 after buying an additional 2,477,175 shares during the period. Primecap Management Co. CA raised its stake in shares of Deere & Co. by 3.1% in the second quarter. Primecap Management Co. CA now owns 5,451,419 shares of the company’s stock valued at $441,783,000 after buying an additional 164,900 shares during the period. Finally, First Eagle Investment Management LLC raised its stake in shares of Deere & Co. by 0.8% in the second quarter. First Eagle Investment Management LLC now owns 5,252,739 shares of the company’s stock valued at $425,682,000 after buying an additional 40,070 shares during the period. 70.62% of the stock is currently owned by institutional investors and hedge funds.
Deere & Co. Company Profile
Deere & Company is engaged in equipment operations and financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The Company’s agriculture and turf segment primarily manufactures and distributes a full line of agriculture and turf equipment and related service parts.
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