Prudential PLC has significantly increased its investment in Deere & Company (NYSE: DE) by acquiring an additional 657 shares during the second quarter, raising its stake by 14.9%. This move is outlined in Prudential’s most recent 13F filing with the Securities and Exchange Commission (SEC). As a result, Prudential now holds a total of 5,056 shares, valued at approximately $2.57 million at the end of the reporting period.
Other institutional investors have also adjusted their positions in Deere & Company. For instance, Mid American Wealth Advisory Group Inc. entered the market with a new investment worth about $25,000 in the second quarter. Activest Wealth Management made a notable increase, boosting its stake by an impressive 2,750% during the first quarter, now owning 57 shares valued at $27,000. Similarly, Marshall & Sullivan Inc. from Washington purchased a new stake valued at approximately $38,000, while Livelsberger Financial Advisory’s new investment was about $39,000. Center for Financial Planning Inc. also raised its stake significantly by 406.7%, now owning 76 shares valued at $39,000. Overall, institutional investors control 68.58% of Deere & Company’s stock.
Analysts Adjust Ratings and Price Targets
Deere & Company has attracted attention from several research analysts, resulting in a range of updated ratings and price targets. Wolfe Research has reduced its target price from $550.00 to $520.00, maintaining an “outperform” rating. In contrast, Truist Financial has raised its price target from $602.00 to $609.00, designating the stock with a “buy” rating. DA Davidson has also adjusted its target downwards from $595.00 to $580.00, while Weiss Ratings reiterated a “hold (c+)” rating. Finally, Evercore ISI has decreased its target from $491.00 to $487.00.
Currently, one analyst has rated the stock with a “Strong Buy” designation, thirteen analysts have given it a “Buy” rating, while ten have assigned a “Hold” rating, and one analyst has issued a “Sell” rating. According to MarketBeat, Deere & Company enjoys an average rating of “Moderate Buy” with an average target price of $519.85.
Deere & Company Stock Performance and Dividend Information
On Friday, shares of Deere & Company opened at $487.03, reflecting a 2.2% increase. The company currently has a 50-day moving average price of $466.30 and a 200-day moving average of $490.92. Over the past year, the stock has fluctuated between a low of $403.01 and a high of $533.78. Deere & Company is valued at a market capitalization of $131.66 billion, with a price-to-earnings ratio of 25.46 and a PEG ratio of 3.05.
In addition to its stock performance, Deere & Company announced a quarterly dividend of $1.62, which was paid on November 10, 2023. Shareholders on record as of September 30, 2023 received this payment, representing an annualized dividend of $6.48 and a yield of 1.3%. The company’s payout ratio currently stands at 33.87%.
Deere & Company specializes in manufacturing and distributing equipment for agriculture, construction, forestry, and turf care. It operates through various segments, including Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on both the distribution and manufacturing of a complete line of equipment and related service parts.
