On November 25, 2023, John May II, the CEO of Deere & Company, sold 11,106 shares of the company’s stock. The transaction, executed at an average price of $500.08, amounted to a total of $5,553,888.48. Following this sale, May directly holds 112,453 shares, valued at approximately $56,235,496.24, reflecting an 8.99% decrease in his ownership.
This transaction was reported in a document filed with the Securities and Exchange Commission (SEC), accessible through their official website. On the day following the sale, Deere & Company shares experienced a decline of $26.34, trading at $471.79. The volume of shares exchanged reached 4,190,823, significantly higher than the average volume of 1,370,438. The company currently boasts a market capitalization of $127.54 billion.
Deere’s financial performance has shown some volatility. In its latest quarterly earnings report, released on November 26, the company revealed earnings per share of $3.93, falling short of the consensus estimate of $3.96 by $0.03. Despite this, Deere reported a net margin of 11.72% and a return on equity of 21.97%. The revenue for the quarter was $12.39 billion, surpassing analyst expectations of $9.77 billion, and reflecting a 14.1% increase from the same quarter last year, where earnings per share were $4.55.
Analysts have varied in their assessments of Deere & Company. Recently, Jefferies Financial Group revised its price target for the stock from $510.00 to $440.00, maintaining a “hold” rating. In contrast, Wells Fargo & Company initiated coverage with an “overweight” rating and a target of $543.00. Meanwhile, JPMorgan Chase & Co. lowered its target from $495.00 to $480.00, also assigning a “neutral” rating.
As of now, the consensus rating for Deere & Company stands at “Moderate Buy” with a price target averaging $519.85. Out of the current analyst ratings, one is categorized as a Strong Buy, thirteen as Buy, ten as Hold, and one as Sell.
Deere & Company operates in the manufacturing and distribution of equipment for agriculture, construction, forestry, and turf care. The company’s operations are segmented into Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the production and distribution of a comprehensive range of agricultural and turf equipment along with related service parts.
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