Deere & Company Plans Quarterly Dividend of $1.62 (NYSE:DE)

Deere & Company (NYSE:DE) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 1.62 per share by the industrial products company on Thursday, May 8th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.35%.

Deere & Company has raised its dividend payment by an average of 15.6% annually over the last three years. Deere & Company has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Deere & Company to earn $22.03 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 29.4%.

Deere & Company Trading Down 1.8 %

Deere & Company stock opened at $478.57 on Thursday. The firm has a 50-day moving average of $454.92 and a 200-day moving average of $424.30. Deere & Company has a one year low of $340.20 and a one year high of $515.05. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.22 and a quick ratio of 1.98. The company has a market cap of $130.34 billion, a price-to-earnings ratio of 21.21, a P/E/G ratio of 2.14 and a beta of 0.98.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, February 13th. The industrial products company reported $3.19 EPS for the quarter, topping analysts’ consensus estimates of $3.14 by $0.05. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. On average, equities analysts expect that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DE has been the subject of several recent analyst reports. Oppenheimer raised their target price on shares of Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Jefferies Financial Group downgraded shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Friday, December 6th. Truist Financial reiterated a “buy” rating and issued a $546.00 target price (down from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. Morgan Stanley raised their target price on shares of Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Finally, Citigroup raised their price objective on shares of Deere & Company from $430.00 to $480.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Deere & Company has a consensus rating of “Hold” and an average target price of $454.65.

Insider Activity at Deere & Company

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

About Deere & Company

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.