Skye Global Management LP Invests $2.71 Million in Deere & Company (NYSE:DE)

Skye Global Management LP purchased a new stake in shares of Deere & Company (NYSE:DE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,400 shares of the industrial products company’s stock, valued at approximately $2,712,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of DE. Pineridge Advisors LLC lifted its stake in Deere & Company by 60.5% during the fourth quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 26 shares during the last quarter. YANKCOM Partnership acquired a new stake in shares of Deere & Company during the 4th quarter valued at $34,000. Synergy Asset Management LLC acquired a new stake in shares of Deere & Company during the 4th quarter valued at $35,000. Sierra Ocean LLC bought a new stake in shares of Deere & Company during the 4th quarter worth $44,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in shares of Deere & Company during the 4th quarter worth $48,000. Institutional investors own 68.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on DE shares. JPMorgan Chase & Co. boosted their target price on Deere & Company from $470.00 to $500.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Truist Financial restated a “buy” rating and issued a $546.00 target price (down previously from $550.00) on shares of Deere & Company in a report on Friday, February 14th. Robert W. Baird reaffirmed a “neutral” rating and issued a $501.00 target price on shares of Deere & Company in a research report on Monday, March 3rd. UBS Group lowered their target price on Deere & Company from $462.00 to $440.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Finally, Argus set a $510.00 price target on shares of Deere & Company in a report on Friday, March 7th. Fourteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $462.44.

Deere & Company Stock Performance

DE opened at $516.85 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.98 and a current ratio of 2.22. The company has a market cap of $140.28 billion, a PE ratio of 22.91, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08. The stock has a 50-day moving average of $467.17 and a 200-day moving average of $453.46. Deere & Company has a 52-week low of $340.20 and a 52-week high of $531.54.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, beating the consensus estimate of $5.72 by $0.92. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. The company had revenue of $11.17 billion for the quarter, compared to the consensus estimate of $10.80 billion. As a group, equities research analysts forecast that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 8th. Shareholders of record on Monday, March 31st were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Monday, March 31st. Deere & Company’s dividend payout ratio is 28.72%.

Insider Buying and Selling at Deere & Company

In other Deere & Company news, insider Rajesh Kalathur sold 24,580 shares of Deere & Company stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total value of $12,304,993.80. Following the transaction, the insider now directly owns 74,878 shares of the company’s stock, valued at $37,484,675.58. The trade was a 24.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Deere & 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.