Cibc World Market Inc. Trims Stake in Deere & Company $DE

Cibc World Market Inc. lessened its position in Deere & Company (NYSE:DE) by 13.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,449 shares of the industrial products company’s stock after selling 7,921 shares during the quarter. Cibc World Market Inc.’s holdings in Deere & Company were worth $23,068,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock worth $1,927,000 after acquiring an additional 1,278 shares in the last quarter. MGO One Seven LLC grew its stake in shares of Deere & Company by 44.1% in the second quarter. MGO One Seven LLC now owns 5,156 shares of the industrial products company’s stock worth $2,622,000 after acquiring an additional 1,579 shares during the last quarter. Vest Financial LLC grew its stake in shares of Deere & Company by 39.2% in the second quarter. Vest Financial LLC now owns 5,342 shares of the industrial products company’s stock worth $2,716,000 after acquiring an additional 1,505 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Deere & Company by 25.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 4,624 shares of the industrial products company’s stock valued at $2,351,000 after acquiring an additional 941 shares in the last quarter. Finally, Axxcess Wealth Management LLC raised its position in shares of Deere & Company by 7.8% in the 2nd quarter. Axxcess Wealth Management LLC now owns 7,065 shares of the industrial products company’s stock worth $3,592,000 after purchasing an additional 512 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Up 3.4%

DE stock opened at $613.47 on Thursday. The company has a market cap of $166.29 billion, a price-to-earnings ratio of 33.14, a P/E/G ratio of 2.37 and a beta of 1.02. The company has a debt-to-equity ratio of 1.68, a quick ratio of 2.01 and a current ratio of 2.22. The business’s 50-day moving average is $502.71 and its two-hundred day moving average is $486.03. Deere & Company has a fifty-two week low of $404.42 and a fifty-two week high of $614.34.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Wednesday, November 26th. The industrial products company reported $3.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.96 by ($0.03). Deere & Company had a net margin of 11.00% and a return on equity of 20.54%. The firm had revenue of $12.39 billion for the quarter, compared to the consensus estimate of $9.77 billion. During the same quarter in the prior year, the firm earned $4.55 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 9th. Shareholders of record on Wednesday, December 31st were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Deere & Company’s dividend payout ratio is currently 35.01%.

Analysts Set New Price Targets

Several analysts recently commented on DE shares. DA Davidson reissued a “buy” rating and set a $580.00 price objective on shares of Deere & Company in a research report on Monday, December 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Deere & Company in a report on Monday, December 29th. BMO Capital Markets reissued a “market perform” rating and set a $460.00 price target on shares of Deere & Company in a research report on Tuesday, December 9th. Daiwa Securities Group decreased their price objective on shares of Deere & Company from $530.00 to $520.00 and set an “outperform” rating for the company in a report on Tuesday, December 2nd. Finally, Truist Financial increased their target price on Deere & Company from $609.00 to $612.00 and gave the company a “buy” rating in a research note on Friday, November 28th. Fifteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Deere & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $524.20.

Insider Buying and Selling

In other news, CEO John C. May II sold 41,472 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $501.49, for a total transaction of $20,797,793.28. Following the completion of the sale, the chief executive officer owned 117,970 shares of the company’s stock, valued at $59,160,775.30. The trade was a 26.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cory J. Reed sold 12,000 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $510.00, for a total value of $6,120,000.00. Following the completion of the transaction, the insider directly owned 20,792 shares in the company, valued at approximately $10,603,920. This represents a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 64,578 shares of company stock valued at $32,471,682. 0.29% of the stock is owned by corporate insiders.

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.