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Deere Stock Rises as Shareholders Enjoy 8% Dividend Hike

Story Highlights

Deere’s latest dividend hike has made investors happy. The company’s strategy to constantly reward its shareholders is expected to attract more investors.

Agricultural equipment manufacturer The Deere & Company (NYSE: DE) recently announced a quarterly dividend of $1.13 per share, an increase of about 8% from the previous dividend of $1.05 per share.

The dividend will be paid on August 8, 2022, to shareholders of record as of June 30, 2022.

Following the news, shares of the company rose more than 2% to close at $344 in Wednesday’s extended trading session.

The company’s annual dividend of $4.52 per share now reflects a dividend yield of 1.3% based on Wednesday’s closing price.

The company has been raising its quarterly dividend consistently over the past three years, making it an attractive choice for investors.

Management’s Take

The CEO of Deere, John C. May, said, “The latest increase in our quarterly dividend is a reflection of Deere’s recent strong performance and the success of our Smart Industrial strategy. It also shows our confidence in the company’s future direction.”

Stock Ratings

Recently, Jefferies analyst Stephen Volkmann reiterated a Buy rating on the stock with a price target of $450, which implies upside potential of 31.2% from current levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 10 Buys and four Holds. DE’s average price target of $426.36 implies that the stock has upside potential of 24.3% from current levels. Shares have declined 4.1% over the past year.

Positive Sentiment

TipRanks’ Stock Investors tool shows that top investors currently have a Positive stance on DE. Further, 3% of top portfolios tracked by TipRanks increased their exposure to DE stock over the past 30 days.

Conclusion

In these volatile times, Deere’s regular dividend payouts and hikes are expected to attract investors looking for a certainty of income.

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