5 Best Agriculture Stocks to Buy Now

2. Deere & Company (NYSE:DE)

Number of Hedge Fund Holders: 57

Deere & Company (NYSE:DE) manufactures and distributes agricultural, construction, forestry, and turf care equipment. Its business sectors are agriculture & turf, construction and forestry, and financial services. Deere & Company (NYSE:DE) currently has a $124.26 billion market capitalization and was able to deliver a 17.91% return in the past twelve months.

Prior to the release of the Q3 results, Deutsche Bank analyst Nicole Deblase boosted his price objective on Deere & Company (NYSE:DE) from $365 to $374 and retained a ‘Hold’ rating on the stock. According to the analyst, the firm might forecast better than expected for fiscal 2023.

According to Insider Monkey’s data, 57 hedge funds were long Deere & Company (NYSE:DE) at the end of Q3 2022, compared to 54 funds in the preceding quarter. Michael Larson’s Bill & Melinda Gates Foundation Trust is the most prominent stakeholder of Deere & Company (NYSE:DE), with 3.92 million shares worth about $1.31 million.

Here is what investment management firm, ClearBridge Investments, had to say about Deere & Company (NYSE:DE) in its Q3 2022 investor letter:

“For example, we believe that farm equipment manufacturer Deere & Company (NYSE:DE) continues to benefit from both a strong farm economy and product innovations that directly benefit farmers’ productivity while also reducing their environmental footprint. The company has also demonstrated excellent execution, highlighted by capturing market share and maintaining margins despite dealing with a labor strike and elevated supply chain costs.”