The Vanguard Group, Inc. recently announced the acquisition of new stake in Deere & Company (NYSE:DE). The institutional investor has increased its shareholding in the Industrials company by 0.08% to 20.95 million shares with purchase of 16369.0 shares. This fresh investment now brings its stake to 7.07% valued currently at $8.78 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.31 million to 12.07 million shares. And JPMorgan Investment Management, I has lifted its position by 1.86% or 0.18 million shares – to 9.98 million shares.
With over 2.0 million Deere & Company (DE) shares trading Monday and a closing price of $398.22 on the day, the dollar volume was approximately $796.61 million. The shares have shown a positive half year performance of 6.98% and its price on 03/13/23 gained nearly 0.58%. Currently, there are 297.60M common shares owned by the public and among those 295.70M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for DE have a consensus price objective of $480.91. The analysts have set the share’s price value over the next 12 months at a high of $591.00 and a low of $398.00. The average price target is 15.6% above its recent price level and a downside to the estimated low will see the stock lose -0.06% over that period. But an upside of 32.62% will see the stock hit the forecast high price target while median target price for the stock is $487.00.
Insiders at the company have transacted a total of 111 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 202,160 shares. Insider sales of the common stock occurred on 75 occasions, with total insider shares sold totaling 135,077 shares.
The top 3 mutual fund holders in Deere & Company are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and JPMorgan Large Cap Growth Fund. Vanguard Total Stock Market Index owns 8.33 million shares of the company’s stock, all valued at over $3.49 billion. The company bought an additional 64318.0 shares recently to bring their total holdings to about 2.81% of the shares outstanding. Vanguard 500 Index Fund bought 15053.0 shares to see its total holdings expand to 6.36 million shares valued at over $2.67 billion and representing 2.15% of the shares outstanding. JPMorgan Large Cap Growth Fund now owns shares totaling to 1.04% of the shares outstanding.
Shares of Deere & Company (NYSE: DE) opened at $388.87, down -$7.06 from a prior closing price of $395.93. However, the script later moved the day high at 402.71, up 0.58%. The company’s stock has a 5-day price change of -6.46% and -10.09% over the past three months. DE shares are trading -7.12% year to date (YTD), with the 12-month market performance up to 5.31% higher. It has a 12-month low price of $283.81 and touched a high of $448.40 over the same period. DE has an average intraday trading volume of 1.45 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.99%, -5.25%, and 4.87% respectively.
Institutional ownership of Deere & Company (NYSE: DE) shares accounts for 78.50% of the company’s 297.60M shares outstanding. Mutual fund holders own 33.75%, while other institutional holders and individual stakeholders account for 38.41% and 11.15% respectively.
It has a market capitalization of $125.60B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 14.77, while the earnings-per-share (ttm) stands at $26.96. The company has a PEG of 1.08 and the debt-to-equity ratio at 2.53. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.48% over the week and 2.52% over the month.
Analysts forecast that Deere & Company (DE) will achieve an EPS of $5.53 for the current quarter, $8.04 for the next quarter and $29.66 for 2024. The lowest estimate earnings-per-share for the quarter is $4.72 while analysts give the company a high EPS estimate of $6.14. Comparatively, EPS for the current quarter was $2.92 a year ago. Earnings per share for the fiscal year are expected to increase by 22.60%, and 5.37% over the next financial year. EPS should shrink at an annualized rate of 13.70% over the next five years, compared to 28.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Deere & Company (DE) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 8 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”
Cowen was of a view on June 09, 2022 that the stock is Market Perform, while BofA Securities gave the stock Neutral rating on April 25, 2022, issuing a price target of $475- $450. JP Morgan on their part issued Neutral rating on March 28, 2022.
