DA Davidson Comments on Deere & Company’s FY2024 Earnings (NYSE:DE)

Deere & Company (NYSE:DE) – Research analysts at DA Davidson lowered their FY2024 EPS estimates for shares of Deere & Company in a report released on Monday, May 20th. DA Davidson analyst M. Shlisky now expects that the industrial products company will post earnings per share of $25.33 for the year, down from their prior forecast of $27.00. DA Davidson currently has a “Buy” rating and a $465.00 price target on the stock. The consensus estimate for Deere & Company’s current full-year earnings is $26.03 per share. DA Davidson also issued estimates for Deere & Company’s FY2025 earnings at $27.91 EPS.

A number of other brokerages also recently commented on DE. Citigroup reduced their price objective on shares of Deere & Company from $450.00 to $435.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Truist Financial started coverage on Deere & Company in a report on Thursday, March 14th. They set a “buy” rating and a $494.00 price objective on the stock. TD Cowen raised their target price on Deere & Company from $383.00 to $390.00 and gave the company a “hold” rating in a report on Friday, May 17th. Evercore ISI upped their price target on shares of Deere & Company from $381.00 to $387.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Finally, Daiwa Capital Markets raised their price objective on shares of Deere & Company from $400.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $432.92.

Deere & Company Stock Performance

Shares of DE stock opened at $379.24 on Wednesday. The stock’s 50-day moving average price is $399.93 and its 200 day moving average price is $386.42. 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 stock has a market capitalization of $105.57 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.53 and a beta of 1.04. Deere & Company has a 52-week low of $345.55 and a 52-week high of $450.00.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $13.29 billion. During the same period last year, the firm posted $9.65 EPS. Deere & Company’s revenue for the quarter was down 15.4% on a year-over-year basis.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 8th. Investors of record on Friday, March 29th were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.88 dividend on an annualized basis and a yield of 1.55%. Deere & Company’s dividend payout ratio (DPR) is currently 17.70%.

Institutional Investors Weigh In On Deere & Company

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Deere & Company by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after buying an additional 263,709 shares during the period. Morgan Stanley grew its position in Deere & Company by 1.3% during the third quarter. Morgan Stanley now owns 5,089,159 shares of the industrial products company’s stock valued at $1,920,548,000 after acquiring an additional 65,006 shares during the period. FMR LLC raised its holdings in shares of Deere & Company by 6.6% in the 3rd quarter. FMR LLC now owns 4,374,282 shares of the industrial products company’s stock worth $1,650,767,000 after purchasing an additional 269,571 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Deere & Company by 0.5% in the 1st quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock valued at $1,585,028,000 after purchasing an additional 19,200 shares in the last quarter. Finally, Parnassus Investments LLC grew its holdings in shares of Deere & Company by 22.4% during the 4th quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock worth $1,541,967,000 after purchasing an additional 705,771 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

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.