Absher Wealth Management LLC Lowers Stock Holdings in Deere & Company $DE

Absher Wealth Management LLC trimmed its position in shares of Deere & Company (NYSE:DE) by 7.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,766 shares of the industrial products company’s stock after selling 4,426 shares during the quarter. Deere & Company accounts for approximately 3.7% of Absher Wealth Management LLC’s portfolio, making the stock its 11th largest holding. Absher Wealth Management LLC’s holdings in Deere & Company were worth $31,976,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Strategic Advocates LLC purchased a new stake in shares of Deere & Company during the 3rd quarter worth approximately $25,000. Portus Wealth Advisors LLC acquired a new position in Deere & Company in the 1st quarter valued at about $32,000. Key Capital Management INC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $27,000. Timmons Wealth Management LLC purchased a new position in shares of Deere & Company during the 4th quarter worth $29,000. Finally, McIlrath & Eck LLC acquired a new stake in Deere & Company in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company News Roundup

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: D.A. Davidson’s new coverage on AGCO highlighted that weak farm conditions can still support equipment makers like Deere, reinforcing the view that replacement demand and pricing power may hold up better than expected for agricultural OEMs. Farming Is Terrible Right Now. That’s Good for Deere and AGCO Stocks.
• Positive Sentiment: Jim Cramer was upbeat on Deere, calling the stock “incredible” and suggesting it still has room to go higher, which may help sentiment around the shares. Jim Cramer on Deere & Company: “The Stock Is Incredible, and It’s Not Done Going Higher”
• Neutral Sentiment: An analyst report on Deere was published, but no clear thesis or rating details were provided in the feed, so it is likely a limited near-term catalyst. Analyst Report: Deere & Co
• Negative Sentiment: Deere settled a right-to-repair dispute with the FTC, requiring it to provide farmers and independent repair providers the same repair resources as authorized dealers for 10 years. Investors may see this as a hit to Deere’s control over service revenue and after-sales economics. Deere settles right to repair dispute with FTC

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Robert W. Baird dropped their price objective on shares of Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, May 22nd. Barclays boosted their target price on shares of Deere & Company from $530.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Raymond James Financial dropped their price target on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating for the company in a research report on Friday, May 22nd. Bank of America cut their price target on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Finally, Oppenheimer reiterated an “outperform” rating and issued a $680.00 price target (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $642.23.

Deere & Company Price Performance

Shares of DE stock opened at $587.36 on Monday. The company has a market capitalization of $158.55 billion, a PE ratio of 33.28, a price-to-earnings-growth ratio of 2.17 and a beta of 0.89. The firm has a fifty day simple moving average of $581.74 and a 200-day simple moving average of $567.68. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. During the same quarter in the previous year, the firm posted $6.64 EPS. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. Equities research analysts anticipate that Deere & Company will post 18.13 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company’s payout ratio is presently 36.71%.

Deere & Company Company Profile

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.