Prudential PLC has expanded its investment in Deere & Company by 14.9% during the second quarter of 2023, according to its latest 13F filing with the SEC. The institutional investor now owns 5,056 shares of the industrial products company, valued at approximately $2.57 million at the close of the reporting period. This move signals Prudential’s confidence in Deere’s market potential amid a landscape of fluctuating investor activity.
Other institutional investors have also adjusted their positions in Deere & Company. For instance, Mid American Wealth Advisory Group Inc. initiated a new position valued at around $25,000 during the same quarter. Additionally, Activest Wealth Management significantly boosted its stake by an impressive 2,750%, now holding 57 shares worth about $27,000 after purchasing an extra 55 shares. Similarly, Marshall & Sullivan Inc. WA and Livelsberger Financial Advisory also acquired new stakes in the company, with investments around $38,000 and $39,000, respectively.
As of now, institutional investors collectively own approximately 68.58% of Deere & Company’s stock.
Analysts Adjust Target Prices for Deere
Deere & Company has attracted attention from various research analysts, resulting in multiple adjustments to target prices. For example, analysts from Wolfe Research reduced their target price from $550.00 to $520.00, maintaining an “outperform” rating. In contrast, Truist Financial increased its target from $602.00 to $609.00, advocating a “buy” rating.
Other notable changes include DA Davidson, which lowered its price objective from $595.00 to $580.00, while Evercore ISI adjusted its target down from $491.00 to $487.00. Currently, the stock has received one “Strong Buy” rating, thirteen “Buy” ratings, ten “Hold” ratings, and one “Sell” rating. According to MarketBeat, Deere maintains an average rating of “Moderate Buy” with an average target price of approximately $519.85.
Deere & Company Stock Performance and Dividend Announcement
On November 10, 2023, shares of Deere & Company opened at $487.03. The company has shown notable fluctuations, with a twelve-month low of $403.01 and a high of $533.78. Its market capitalization stands at around $131.66 billion, with a price-to-earnings ratio of 25.46 and a PEG ratio of 3.05, indicating solid earnings growth potential.
Recently, Deere announced a quarterly dividend of $1.62, which was distributed to shareholders of record on September 30, 2023. This translates to an annualized dividend of $6.48 and a dividend yield of 1.3%. The company’s payout ratio currently sits at 33.87%, reflecting a sustainable approach to returning value to shareholders.
Founded in 1837, Deere & Company specializes in manufacturing and distributing equipment for agriculture, construction, forestry, and turf care. The company operates through several segments, including Agriculture and Turf, Construction and Forestry, as well as Financial Services. With a robust portfolio and ongoing investments from institutional stakeholders, Deere appears well-positioned for future growth.
