DA Davidson Cuts Deere & Company (NYSE:DE) Price Target to $492.00

Deere & Company (NYSE:DE – Get Rating) had its target price cut by DA Davidson from $520.00 to $492.00 in a research report report published on Monday morning, The Fly reports. DA Davidson also issued estimates for Deere & Company’s Q3 2023 earnings at $7.58 EPS, FY2023 earnings at $31.55 EPS and FY2024 earnings at $34.46 EPS.

Other equities analysts also recently issued research reports about the company. Daiwa Capital Markets initiated coverage on Deere & Company in a research report on Wednesday, March 29th. They set an outperform rating and a $440.00 target price on the stock. Wells Fargo & Company cut their price objective on Deere & Company from $510.00 to $490.00 in a research report on Monday. Morgan Stanley cut their price objective on Deere & Company from $537.00 to $517.00 in a research report on Monday. Robert W. Baird cut their price objective on Deere & Company from $512.00 to $445.00 in a research report on Monday. Finally, Sanford C. Bernstein cut their price objective on Deere & Company from $398.00 to $367.00 in a research report on Monday, May 15th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Deere & Company presently has an average rating of Moderate Buy and a consensus target price of $443.86.

Deere & Company Stock Performance

NYSE DE opened at $354.88 on Monday. The company has a market cap of $105.16 billion, a P/E ratio of 11.91, a P/E/G ratio of 0.89 and a beta of 1.03. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.70 and a current ratio of 1.96. The business’s 50 day moving average price is $382.18 and its 200-day moving average price is $408.66. Deere & Company has a fifty-two week low of $283.81 and a fifty-two week high of $448.40.

Deere & Company (NYSE:DE – Get Rating) last released its earnings results on Friday, May 19th. The industrial products company reported $9.65 earnings per share for the quarter, beating the consensus estimate of $8.57 by $1.08. The firm had revenue of $16.08 billion for the quarter, compared to the consensus estimate of $14.87 billion. Deere & Company had a return on equity of 43.11% and a net margin of 15.00%. The company’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.81 EPS. Sell-side analysts predict that Deere & Company will post 31.58 earnings per share for the current year.

Institutional Investors Weigh In On Deere & Company

Hedge funds have recently made changes to their positions in the stock. TCI Wealth Advisors Inc. lifted its position in shares of Deere & Company by 1.5% in the third quarter. TCI Wealth Advisors Inc. now owns 1,694 shares of the industrial products company’s stock valued at $566,000 after acquiring an additional 25 shares in the last quarter. Lion Street Advisors LLC lifted its position in shares of Deere & Company by 2.0% in the fourth quarter. Lion Street Advisors LLC now owns 1,265 shares of the industrial products company’s stock valued at $433,000 after acquiring an additional 25 shares in the last quarter. Mayflower Financial Advisors LLC lifted its position in shares of Deere & Company by 2.6% in the fourth quarter. Mayflower Financial Advisors LLC now owns 972 shares of the industrial products company’s stock valued at $417,000 after acquiring an additional 25 shares in the last quarter. Sterling Investment Counsel LLC lifted its position in shares of Deere & Company by 3.3% in the fourth quarter. Sterling Investment Counsel LLC now owns 821 shares of the industrial products company’s stock valued at $352,000 after acquiring an additional 26 shares in the last quarter. Finally, ETF Managers Group LLC lifted its position in Deere & Company by 1.5% during the first quarter. ETF Managers Group LLC now owns 1,746 shares of the industrial products company’s stock worth $721,000 after buying an additional 26 shares in the last quarter. 75.72% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Company Profile

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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.