Todays Report: The Barclays PLC Increases Deere & Co. (DE) Price Target to $68.00

The Barclays PLC Increases Deere & Co. (DE) Price Target to $68.00

Deere & Co. (NYSE:DE) had its price objective hoisted by Barclays PLC from $63.00 to $68.00 in a report released on Wednesday. The firm currently has an “underweight” rating on the stock. Barclays PLC’s target price points to a potential downside of 21.24% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Vetr raised shares of Deere & Co. from a “strong sell” rating to a “sell” rating and set a $73.25 price target on the stock in a research report on Monday, June 27th. Morgan Stanley reaffirmed a “sell” rating on shares of Deere & Co. in a research report on Thursday, June 30th. Piper Jaffray Cos. cut shares of Deere & Co. from a “neutral” rating to an “underweight” rating and cut their price target for the company from $77.64 to $67.00 in a research report on Monday, July 25th. BMO Capital Markets reissued an “outperform” rating and set a $96.00 price objective on shares of Deere & Co. in a research report on Thursday, August 18th. Finally, Jefferies Group reissued a “hold” rating and set a $70.00 price objective on shares of Deere & Co. in a research report on Friday, August 19th. Eight analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $82.63.

Shares of Deere & Co. (NYSE:DE) opened at 86.34 on Wednesday. The firm has a market capitalization of $27.15 billion, a price-to-earnings ratio of 17.30 and a beta of 0.89. The stock’s 50 day moving average price is $84.32 and its 200-day moving average price is $82.10. Deere & Co. has a 12 month low of $70.16 and a 12 month high of $89.34.

Deere & Co. (NYSE:DE) last issued its quarterly earnings data on Friday, August 19th. The company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.61. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The company earned $6.72 billion during the quarter. During the same quarter in the prior year, the firm earned $1.53 EPS. The company’s revenue was down 14.3% on a year-over-year basis. On average, equities research analysts predict that Deere & Co. will post $4.30 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, September 30th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Wednesday, September 28th. Deere & Co.’s payout ratio is presently 48.10%.

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Deere & Co. by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,767,247 shares of the company’s stock worth $1,439,858,000 after buying an additional 265,118 shares during the last quarter. State Street Corp boosted its position in Deere & Co. by 0.3% in the first quarter. State Street Corp now owns 12,081,309 shares of the company’s stock worth $930,132,000 after buying an additional 38,519 shares during the last quarter. FMR LLC boosted its position in Deere & Co. by 37.2% in the second quarter. FMR LLC now owns 9,139,259 shares of the company’s stock worth $740,647,000 after buying an additional 2,477,175 shares during the last quarter. Primecap Management Co. CA boosted its position in Deere & Co. by 3.1% in the second quarter. Primecap Management Co. CA now owns 5,451,419 shares of the company’s stock worth $441,783,000 after buying an additional 164,900 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in Deere & Co. by 0.8% in the second quarter. First Eagle Investment Management LLC now owns 5,252,739 shares of the company’s stock worth $425,682,000 after buying an additional 40,070 shares during the last quarter. Hedge funds and other institutional investors own 70.62% of the company’s stock.

About Deere & Co.

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