Sovereign Financial Group Inc. Has $482,000 Stock Position in Deere & Company (NYSE:DE)

Sovereign Financial Group Inc. cut its holdings in Deere & Company (NYSE:DE) by 7.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,173 shares of the industrial products company’s stock after selling 100 shares during the period. Sovereign Financial Group Inc.’s holdings in Deere & Company were worth $482,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. True Wealth Design LLC raised its position in Deere & Company by 1,180.0% during the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 59 shares in the last quarter. ZRC Wealth Management LLC bought a new stake in shares of Deere & Company during the 4th quarter worth $28,000. Rakuten Securities Inc. acquired a new stake in Deere & Company in the fourth quarter valued at about $28,000. Naples Money Management LLC bought a new position in Deere & Company in the fourth quarter valued at about $29,000. Finally, Private Wealth Management Group LLC acquired a new position in Deere & Company during the fourth quarter worth about $29,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Stock Performance

Shares of DE opened at $376.70 on Friday. Deere & Company has a 12 month low of $353.15 and a 12 month high of $450.00. The business’s fifty day simple moving average is $386.34 and its two-hundred day simple moving average is $387.01. The company has a market cap of $103.81 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 1.51 and a beta of 0.98. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, topping the consensus estimate of $7.86 by $0.67. The firm had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business’s quarterly revenue was down 15.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.65 EPS. Research analysts anticipate that Deere & Company will post 25.61 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 28th will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, June 28th. Deere & Company’s payout ratio is currently 17.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DE. Truist Financial assumed coverage on Deere & Company in a research note on Thursday, March 14th. They set a “buy” rating and a $494.00 price target on the stock. Daiwa Capital Markets upped their price target on Deere & Company from $400.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday, May 15th. TD Cowen raised their price objective on Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research report on Friday, May 17th. Stifel Nicolaus upped their target price on Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, DA Davidson decreased their target price on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a research report on Monday, May 20th. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $431.14.

Insider Activity at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $377.63, for a total value of $5,048,913.10. Following the completion of the sale, the insider now directly owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is owned by corporate insiders.

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.