Cornerstone Wealth Group LLC Grows Position in Deere & Company (NYSE:DE)

Cornerstone Wealth Group LLC grew its stake in Deere & Company (NYSE:DE) by 153.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,273 shares of the industrial products company’s stock after purchasing an additional 1,377 shares during the period. Cornerstone Wealth Group LLC’s holdings in Deere & Company were worth $934,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of DE. True Wealth Design LLC lifted its position in shares of Deere & Company by 1,180.0% during the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after buying an additional 59 shares in the last quarter. ZRC Wealth Management LLC purchased a new position in Deere & Company in the 4th quarter valued at $28,000. Rakuten Securities Inc. purchased a new position in Deere & Company in the 4th quarter valued at $28,000. Naples Money Management LLC purchased a new position in Deere & Company in the 4th quarter valued at $29,000. Finally, Private Wealth Management Group LLC purchased a new position in Deere & Company in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Down 0.8 %

DE opened at $373.63 on Monday. The firm has a market cap of $102.96 billion, a price-to-earnings ratio of 11.25, a price-to-earnings-growth ratio of 1.50 and a beta of 0.98. 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 business’s 50 day moving average is $385.32 and its two-hundred day moving average is $387.29. Deere & Company has a 52 week low of $353.15 and a 52 week high of $450.00.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. The business had revenue of $13.61 billion for the quarter, compared to analyst estimates of $13.29 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.65 earnings per share. On average, research analysts predict that Deere & Company will post 25.61 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 28th will be issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, June 28th. Deere & Company’s dividend payout ratio is presently 17.70%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on DE shares. Daiwa Capital Markets raised their target price on Deere & Company from $400.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 15th. Stifel Nicolaus raised their target price on Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Morgan Stanley raised their target price on Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. JPMorgan Chase & Co. cut their target price on Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a research note on Friday, May 17th. Finally, Raymond James started coverage on Deere & Company in a research note on Friday. They issued an “outperform” rating and a $420.00 target price for the company. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Deere & Company presently has an average rating of “Hold” and a consensus price target of $430.55.

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.