Evercore ISI Lowers Deere & Company Price Target to $458

Deere & Company (NYSE: DE) has had its price target reduced by Evercore ISI from $487.00 to $458.00, according to a research note released on November 26, 2023. The firm currently holds an in-line rating on the stock of the agricultural and industrial equipment manufacturer. This adjustment reflects a broader trend among analysts who are reassessing their expectations for the company.

Several other financial institutions have also recently updated their projections for Deere. The Royal Bank of Canada lowered its target from $542.00 to $541.00, maintaining an “outperform” rating. On the same day, Wells Fargo & Company began coverage of the stock, assigning an “overweight” rating and a price objective of $543.00. Additionally, Truist Financial increased its target from $609.00 to $612.00, providing a “buy” rating.

Analysts from Sanford C. Bernstein raised their target for Deere shares from $487.00 to $521.00, also giving it a “market perform” rating. Oppenheimer adjusted its price target upward from $512.00 to $531.00, maintaining an “outperform” rating. Overall, one analyst has rated the stock as a Strong Buy, fourteen have assigned Buy ratings, nine have given a Hold rating, and one has issued a Sell rating. MarketBeat data indicates the average consensus rating for Deere is “Moderate Buy,” with a target price of $519.45.

Recent Performance and Earnings Report

Deere & Company reported its quarterly earnings on November 26, 2023, revealing earnings per share (EPS) of $3.93. This figure fell short of analysts’ consensus estimates of $3.96 by $0.03. Despite this, the company generated a return on equity of 21.97% and a net margin of 11.72%. Revenue reached $12.39 billion for the quarter, surpassing the anticipated $9.77 billion. Year-over-year, revenue increased by 14.1%, compared to earnings of $4.55 per share in the same period last year.

Looking ahead, analysts predict that Deere & Company will post an EPS of $19.32 for the current fiscal year, reflecting ongoing interest in the company’s performance.

Insider Activity and Institutional Investments

In related news, CEO John C. May II sold 11,106 shares of the company on November 25, 2023, at an average price of $500.08. The total sale amounted to $5,553,888.48. Following the transaction, May holds 112,453 shares, valued at approximately $56,235,496.24, which represents an 8.99% decrease in his ownership stake. This transaction was disclosed in a filing with the Securities and Exchange Commission.

Institutional investors have also made significant adjustments to their holdings in Deere. Mid American Wealth Advisory Group Inc. acquired a new position valued at $25,000 in the second quarter. Strategic Advocates LLC made a similar purchase in the third quarter, also valued at around $25,000. Activest Wealth Management significantly increased its stake by 2,750.0%, now owning 57 shares valued at $27,000. Howard Hughes Medical Institute and Wealth Watch Advisors INC have also entered new positions recently, contributing to a total institutional ownership of 68.58% in Deere.

Deere & Company, headquartered in Moline, Illinois, specializes in manufacturing equipment for agriculture, construction, forestry, and turf care. The company operates through various segments, including Agriculture and Turf, Construction and Forestry, and Financial Services.