Wellington Management Group LLP Acquires 1,412,694 Shares of Deere & Company $DE

Wellington Management Group LLP raised its holdings in Deere & Company (NYSE:DE) by 84.3% during the second quarter, HoldingsChannel reports. The firm owned 3,088,628 shares of the industrial products company’s stock after acquiring an additional 1,412,694 shares during the quarter. Wellington Management Group LLP’s holdings in Deere & Company were worth $1,959,209,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of DE. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Deere & Company in the second quarter worth about $27,000. Timmons Wealth Management LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at approximately $29,000. Kilter Group LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at approximately $29,000. McIlrath & Eck LLC acquired a new position in Deere & Company during the 4th quarter worth approximately $30,000. Finally, Solstein Capital LLC acquired a new position in Deere & Company during the 2nd quarter worth approximately $30,000. Institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

DE has been the topic of a number of research analyst reports. Barclays raised their target price on shares of Deere & Company from $640.00 to $675.00 and gave the company an “overweight” rating in a research report on Monday. Citigroup lifted their price target on Deere & Company from $610.00 to $650.00 and gave the company a “neutral” rating in a research note on Friday, August 21st. JPMorgan Chase & Co. boosted their price target on Deere & Company from $570.00 to $585.00 and gave the stock a “neutral” rating in a report on Friday, August 21st. Truist Financial lowered their price objective on Deere & Company from $812.00 to $804.00 and set a “buy” rating for the company in a research note on Monday. Finally, Robert W. Baird raised their price objective on shares of Deere & Company from $525.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, August 21st. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $653.48.

Deere & Company Stock Performance

NYSE DE opened at $630.66 on Friday. The company has a market capitalization of $170.24 billion, a price-to-earnings ratio of 35.04, a PEG ratio of 2.57 and a beta of 0.90. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The stock has a fifty day simple moving average of $611.59 and a 200 day simple moving average of $593.34.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, August 20th. The industrial products company reported $5.10 EPS for the quarter, topping the consensus estimate of $4.69 by $0.41. The firm had revenue of $12.61 billion for the quarter, compared to the consensus estimate of $10.81 billion. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $4.75 EPS. Sell-side analysts expect that Deere & Company will post 18.11 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Wednesday, September 30th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 30th. Deere & Company’s dividend payout ratio is currently 36.00%.

Deere & 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.