DAVENPORT & Co LLC Sells 2,302 Shares of Deere & Company $DE

DAVENPORT & Co LLC lowered its position in shares of Deere & Company (NYSE:DE) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,648 shares of the industrial products company’s stock after selling 2,302 shares during the period. DAVENPORT & Co LLC’s holdings in Deere & Company were worth $16,758,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Enclave Advisors LLC grew its stake in shares of Deere & Company by 14.7% in the third quarter. Enclave Advisors LLC now owns 694 shares of the industrial products company’s stock worth $317,000 after purchasing an additional 89 shares during the last quarter. Tactive Advisors LLC lifted its holdings in Deere & Company by 11.7% in the 3rd quarter. Tactive Advisors LLC now owns 628 shares of the industrial products company’s stock worth $287,000 after buying an additional 66 shares during the period. Highline Wealth Partners LLC lifted its holdings in Deere & Company by 24.7% in the 3rd quarter. Highline Wealth Partners LLC now owns 116 shares of the industrial products company’s stock worth $53,000 after buying an additional 23 shares during the period. Welch Group LLC grew its position in shares of Deere & Company by 2.7% in the 3rd quarter. Welch Group LLC now owns 26,258 shares of the industrial products company’s stock worth $12,007,000 after buying an additional 701 shares during the last quarter. Finally, True North Advisors LLC purchased a new position in shares of Deere & Company during the third quarter valued at approximately $225,000. Institutional investors own 68.58% of the company’s stock.

Insider Buying and Selling

In other news, CEO John C. May II sold 11,106 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $500.08, for a total value of $5,553,888.48. Following the sale, the chief executive officer directly owned 112,453 shares of the company’s stock, valued at approximately $56,235,496.24. This represents a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

DE has been the subject of a number of research analyst reports. Wall Street Zen lowered Deere & Company from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. Morgan Stanley reaffirmed an “overweight” rating and issued a $560.00 target price on shares of Deere & Company in a research report on Tuesday, December 9th. Citigroup cut their target price on shares of Deere & Company from $525.00 to $515.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 7th. Truist Financial increased their price target on shares of Deere & Company from $609.00 to $612.00 and gave the stock a “buy” rating in a research note on Friday, November 28th. Finally, Jefferies Financial Group raised their price objective on shares of Deere & Company from $440.00 to $475.00 and gave the stock a “hold” rating in a report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $522.70.

Deere & Company Price Performance

Shares of DE opened at $467.13 on Thursday. The stock has a market cap of $126.33 billion, a PE ratio of 25.24, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 2.01 and a current ratio of 2.22. Deere & Company has a fifty-two week low of $403.01 and a fifty-two week high of $533.78. The firm’s 50-day simple moving average is $472.71 and its two-hundred day simple moving average is $485.63.

Deere & Company (NYSE:DE) last released its earnings results on Wednesday, November 26th. The industrial products company reported $3.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($0.03). Deere & Company had a net margin of 11.00% and a return on equity of 20.54%. The business had revenue of $12.39 billion for the quarter, compared to analysts’ expectations of $9.77 billion. During the same quarter in the previous year, the business posted $4.55 earnings per share. Deere & Company’s revenue for the quarter was up 14.1% on a year-over-year basis. Analysts anticipate that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Shareholders of record on Wednesday, December 31st will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, December 31st. Deere & Company’s payout ratio is 35.01%.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.