Deere shareholders vote on executive pay, audit proposals

Deere (NYSE:DE) & Co. shareholders gathered for their annual meeting on Monday, where a series of crucial proposals were put to vote, including executive compensation and various shareholder proposals. The meeting, which took place on February 26, 2025, resulted in the re-election of all director nominees for one-year terms, while an advisory vote on executive compensation also passed.

The company, known for its farm machinery and equipment and maintaining a 55-year streak of consecutive dividend payments, saw its shareholders approve the compensation of its named executive officers. Specifically, 182.4 million shares were cast in favor of the proposal, with 21.9 million against and 802,234 abstentions. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 2.18, indicating robust liquidity to meet short-term obligations.

Deloitte & Touche LLP was ratified as Deere’s independent registered public accounting firm for the fiscal year 2025 with a significant majority, garnering 222.8 million votes for and 13.3 million votes against the proposal.

However, several shareholder proposals did not receive the same level of support. A proposal requesting a report on racial and gender hiring statistics was rejected, with approximately 200.2 million shares voted against and only 2.8 million in favor. Similarly, proposals regarding a corporate financial sustainability report and a civil rights audit were not approved, with both receiving over 200 million votes against them.

A previously announced proposal concerning the creation of a meritocratic workplace was withdrawn before the meeting and thus not voted upon. Additionally, a proposal for a report on charitable giving also failed to pass, with 200.5 million votes against it.

The results of these votes reflect the shareholders’ stances on key issues affecting the company. The information is based on a press release statement from Deere & Co. following the SEC filing requirements.

In other recent news, Deere & Company reported its first-quarter earnings for 2025, revealing an earnings per share (EPS) of $3.19, which exceeded the forecast of $3.12. Despite this earnings beat, the company faced a challenging quarter with net sales and revenues down 30% year-over-year, totaling $8.51 billion. The decline was attributed to significant drops in sales across major segments, including a 37% decrease in the Production and Precision Ag segment and a 38% decline in Construction and Forestry. In light of these results, Deere maintained its full-year net income guidance between $5 and $5.5 billion.

Analysts have been active in updating their outlook on Deere following these earnings. DA Davidson raised its price target for Deere to $542, maintaining a Buy rating, while Oppenheimer adjusted its price target to $510, reaffirming an Outperform rating. Bernstein, however, maintained a Market Perform rating with a $476 price target, highlighting Deere’s effective management despite the mixed financial results. Analysts noted Deere’s pricing discipline and increased penetration in the precision agriculture market as positive factors.

Deere’s strategic focus on inventory management and technology adoption continues to be a priority. The company has been working to reduce inventory levels across key product categories, including North American high horsepower tractors and Brazilian combines. These efforts are part of Deere’s broader strategy to navigate the economic landscape and maintain its competitive edge in the agricultural sector.

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