Prudential PLC has increased its stake in Deere & Company (NYSE: DE) by 14.9%, according to a recent filing with the U.S. Securities and Exchange Commission. The institutional investor now holds 5,056 shares of the industrial products company, valued at approximately $2.57 million at the end of the second quarter.
This investment growth reflects Prudential’s confidence in Deere’s market position and potential. Throughout the second quarter, other significant investors also adjusted their holdings in the company. For instance, Mid American Wealth Advisory Group Inc. acquired a new position valued at about $25,000. Activest Wealth Management notably boosted its stake by an impressive 2,750%, holding 57 shares worth around $27,000 after acquiring an additional 55 shares.
Additionally, Marshall & Sullivan Inc. in Washington and Livelsberger Financial Advisory both purchased new stakes valued at approximately $38,000 and $39,000, respectively. The Center for Financial Planning Inc. raised its stake by 406.7%, now owning 76 shares valued at $39,000.
Institutional investors collectively own approximately 68.58% of Deere’s stock, indicating strong institutional support for the company.
Analyst Ratings and Market Performance
Deere & Company has been the subject of various analyst reports recently. Wolfe Research reduced its target price on Deere from $550.00 to $520.00, maintaining an “outperform” rating. Conversely, Truist Financial increased its price target from $602.00 to $609.00, giving the stock a “buy” rating.
Other ratings changes include DA Davidson, which lowered its price target from $595.00 to $580.00, while Weiss Ratings reaffirmed a “hold (C+)” rating. Evercore ISI adjusted its target down from $491.00 to $487.00. Overall, one analyst rates the stock as a Strong Buy, while thirteen give it a Buy rating, and ten have assigned a Hold rating, leading to an average rating of “Moderate Buy” with a target price of approximately $519.85.
As of Friday, shares of Deere & Company opened at $487.03, marking a 2.2% increase. The company’s stock has experienced a 50-day moving average of $466.30 and a 200-day moving average of $490.92. Over the past year, the stock has seen a low of $403.01 and a high of $533.78. Deere holds a market capitalization of $131.66 billion and has a price-to-earnings ratio of 25.46.
Dividend Announcement and Company Overview
Deere & Company has also announced a quarterly dividend of $1.62, which was paid out on November 10, 2023, to stockholders of record as of September 30, 2023. This dividend represents an annualized amount of $6.48 and a yield of 1.3%. The company’s payout ratio stands at 33.87%.
Deere & Company specializes in the manufacture and distribution of equipment for agriculture, construction, forestry, and turf care. The company operates through several segments, including Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on providing a comprehensive line of equipment and related service parts.
As institutional investors continue to adjust their positions and analysts weigh in on the stock, Deere & Company appears to maintain a robust standing in the market, reflecting ongoing investor confidence.
