Jennison Associates LLC Sells 57,906 Shares of Deere & Company (NYSE:DE)

Jennison Associates LLC lowered its stake in shares of Deere & Company (NYSE:DE) by 55.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 47,429 shares of the industrial products company’s stock after selling 57,906 shares during the quarter. Jennison Associates LLC’s holdings in Deere & Company were worth $18,965,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Morgan Stanley raised its position in shares of 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 buying an additional 65,006 shares during the last quarter. FMR LLC grew its holdings in shares of Deere & Company by 6.6% in the third quarter. FMR LLC now owns 4,374,282 shares of the industrial products company’s stock valued at $1,650,767,000 after purchasing an additional 269,571 shares in the last quarter. Northern Trust Corp boosted its stake in Deere & Company by 2.5% during the third quarter. Northern Trust Corp now owns 3,061,715 shares of the industrial products company’s stock worth $1,155,430,000 after buying an additional 73,601 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Deere & Company by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,539,699 shares of the industrial products company’s stock worth $581,052,000 after buying an additional 33,946 shares during the period. Finally, Rothschild & Co Wealth Management UK Ltd boosted its stake in shares of Deere & Company by 1.1% during the third quarter. Rothschild & Co Wealth Management UK Ltd now owns 1,146,220 shares of the industrial products company’s stock valued at $432,561,000 after purchasing an additional 12,825 shares during the period. Institutional investors own 68.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DE. Citigroup lowered their target price on shares of Deere & Company from $450.00 to $435.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Truist Financial began coverage on shares of Deere & Company in a research note on Thursday, March 14th. They set a “buy” rating and a $494.00 target price for the company. Stifel Nicolaus lowered their target price on shares of Deere & Company from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Melius Research reissued a “hold” rating on shares of Deere & Company in a research note on Monday, January 8th. Finally, Morgan Stanley began coverage on Deere & Company in a report on Monday, January 8th. They issued an “overweight” rating and a $430.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $433.28.

Deere & Company Stock Performance

DE opened at $393.96 on Friday. Deere & Company has a 52-week low of $345.55 and a 52-week high of $450.00. The company has a quick ratio of 1.81, a current ratio of 2.05 and a debt-to-equity ratio of 1.81. The company has a market cap of $109.66 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.48 and a beta of 1.04. The firm’s 50-day moving average price is $387.20 and its 200-day moving average price is $383.54.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $1.04. Deere & Company had a net margin of 16.38% and a return on equity of 44.60%. The firm had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $10.30 billion. During the same quarter in the prior year, the company posted $6.55 earnings per share. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. As a group, equities analysts anticipate that Deere & Company will post 27.37 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Friday, March 29th will be given a $1.47 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $5.88 annualized dividend and a yield of 1.49%. Deere & Company’s dividend payout ratio is presently 17.12%.

Deere & 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.