Sumitomo Life Insurance Co. Sells 51 Shares of Deere & Company (NYSE:DE)

Sumitomo Life Insurance Co. lessened its holdings in Deere & Company (NYSE:DE) by 1.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,455 shares of the industrial products company’s stock after selling 51 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Deere & Company were worth $2,091,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Hughes Financial Services LLC acquired a new stake in shares of Deere & Company in the 1st quarter valued at approximately $29,000. Cornerstone Planning Group LLC raised its position in shares of Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 36 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $34,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $39,000. Finally, Dogwood Wealth Management LLC acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $42,000. Institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

NYSE DE opened at $512.17 on Monday. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The company has a market capitalization of $138.71 billion, a PE ratio of 24.78, a price-to-earnings-growth ratio of 3.25 and a beta of 1.08. The firm’s 50 day moving average is $510.73 and its 200-day moving average is $478.69.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating the consensus estimate of $5.72 by $0.92. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The business had revenue of $11.17 billion during the quarter, compared to analysts’ expectations of $10.80 billion. During the same period last year, the business earned $8.53 earnings per share. The firm’s revenue was down 17.9% on a year-over-year basis. Equities research analysts anticipate that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.27%. Deere & Company’s dividend payout ratio (DPR) is 31.35%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group reiterated a “buy” rating on shares of Deere & Company in a research report on Thursday, May 15th. DA Davidson restated a “buy” rating and set a $542.00 target price on shares of Deere & Company in a report on Friday, May 16th. Morgan Stanley raised their target price on shares of Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. raised their target price on shares of Deere & Company from $490.00 to $540.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Oppenheimer raised their target price on shares of Deere & Company from $513.00 to $555.00 and gave the stock an “outperform” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $515.19.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.