Cornerstone Wealth Group LLC Raises Stake in Deere & Company (NYSE:DE)

Cornerstone Wealth Group LLC lifted its position in shares of Deere & Company (NYSE:DE) by 1.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,375 shares of the industrial products company’s stock after buying an additional 27 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Deere & Company were worth $1,115,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Petros Family Wealth LLC purchased a new stake in shares of Deere & Company during the first quarter worth about $249,000. FORM Wealth Advisors LLC purchased a new stake in Deere & Company in the first quarter valued at approximately $219,000. Legacy Advisors LLC lifted its position in Deere & Company by 4.7% during the first quarter. Legacy Advisors LLC now owns 2,495 shares of the industrial products company’s stock valued at $1,171,000 after buying an additional 112 shares in the last quarter. AssuredPartners Investment Advisors LLC lifted its position in Deere & Company by 23.8% during the first quarter. AssuredPartners Investment Advisors LLC now owns 1,691 shares of the industrial products company’s stock valued at $794,000 after buying an additional 325 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in Deere & Company by 6.0% during the first quarter. Asset Management One Co. Ltd. now owns 106,993 shares of the industrial products company’s stock valued at $50,217,000 after buying an additional 6,100 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

DE stock opened at $513.86 on Tuesday. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $533.78. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $139.17 billion, a P/E ratio of 24.86, a PEG ratio of 3.31 and a beta of 1.09. The company has a 50-day simple moving average of $496.05 and a 200 day simple moving average of $471.31.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating analysts’ consensus estimates of $5.72 by $0.92. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The company had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. During the same period in the prior year, the company earned $8.53 EPS. Deere & Company’s revenue was down 17.9% on a year-over-year basis. Sell-side analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Monday, June 30th. Deere & Company’s dividend payout ratio is presently 31.35%.

Analysts Set New Price Targets

A number of research analysts have weighed in on DE shares. UBS Group reduced their price target on shares of Deere & Company from $462.00 to $440.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Raymond James Financial lifted their price target on shares of Deere & Company from $530.00 to $560.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. DA Davidson restated a “buy” rating and issued a $542.00 price target on shares of Deere & Company in a research note on Friday, May 16th. Oppenheimer boosted their target price on shares of Deere & Company from $513.00 to $555.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. Finally, Citigroup lowered their price target on shares of Deere & Company from $550.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $515.19.

Deere & Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.