Victory Capital Management Inc. Sells 8,416 Shares of Deere & Company (NYSE:DE)

Victory Capital Management Inc. lessened its stake in Deere & Company (NYSE:DE) by 8.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,694 shares of the industrial products company’s stock after selling 8,416 shares during the quarter. Victory Capital Management Inc.’s holdings in Deere & Company were worth $38,851,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Pineridge Advisors LLC increased its stake in shares of Deere & Company by 60.5% in the 4th quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 26 shares during the last quarter. Modus Advisors LLC acquired a new position in Deere & Company during the fourth quarter valued at approximately $32,000. YANKCOM Partnership bought a new stake in Deere & Company in the fourth quarter valued at approximately $34,000. Synergy Asset Management LLC acquired a new stake in Deere & Company in the fourth quarter worth $35,000. Finally, Continuum Advisory LLC boosted its position in shares of Deere & Company by 155.8% during the third quarter. Continuum Advisory LLC now owns 110 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 67 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Insider Activity

In other news, insider Rajesh Kalathur sold 24,580 shares of the firm’s 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 completion of the sale, the insider now directly owns 74,878 shares of the company’s stock, valued at $37,484,675.58. This trade represents a 24.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.29% of the company’s stock.

Deere & Company Stock Performance

DE opened at $499.73 on Friday. The business’s 50-day simple moving average is $461.21 and its 200 day simple moving average is $429.83. Deere & Company has a 52-week low of $340.20 and a 52-week high of $515.05. 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 firm has a market capitalization of $135.63 billion, a PE ratio of 22.15, a PEG ratio of 2.14 and a beta of 1.01.

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

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 8th. Shareholders of record on Monday, March 31st will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date is Monday, March 31st. Deere & Company’s dividend payout ratio is currently 28.72%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $501.00 price objective on shares of Deere & Company in a research note on Monday, March 3rd. Baird R W downgraded Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Barclays lifted their price objective on Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Oppenheimer boosted their price objective on Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Finally, Citigroup raised their target price on shares of Deere & Company from $430.00 to $480.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $457.22.

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.