Canandaigua National Bank & Trust Co. Invests $4.48 Million in Deere & Company $DE

Key Points

• Canandaigua National Bank & Trust initiated a $4.48 million position in Deere & Company by purchasing 7,067 shares during the second quarter. Institutional investors collectively own 68.58% of Deere’s stock.
• Deere reported quarterly EPS of $6.55, exceeding the $5.70 analyst consensus, while revenue rose 5.4% year over year to $13.37 billion.
• The company declared a quarterly dividend of $1.62, equal to $6.48 annually and a 1.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $642.98.

Canandaigua National Bank & Trust Co. bought a new position in Deere & Company (NYSE:DE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 7,067 shares of the industrial products company's stock, valued at approximately $4,483,000.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Deere & Company in the fourth quarter valued at approximately $1,715,633,000. Capital World Investors raised its position in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock valued at $4,465,906,000 after buying an additional 3,358,264 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Deere & Company by 1,725.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock valued at $932,870,000 after buying an additional 1,893,972 shares during the last quarter. M&T Bank Corp lifted its stake in Deere & Company by 1,199.8% during the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company's stock valued at $868,149,000 after acquiring an additional 1,721,239 shares in the last quarter. Finally, Diamant Asset Management Inc. boosted its holdings in Deere & Company by 56,230.0% during the 1st quarter. Diamant Asset Management Inc. now owns 610,617 shares of the industrial products company's stock worth $343,961,000 after acquiring an additional 609,533 shares during the last quarter. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Up 2.1%

DE opened at $617.64 on Wednesday. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The company has a market cap of $166.73 billion, a PE ratio of 34.99, a price-to-earnings-growth ratio of 2.56 and a beta of 0.90. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The company has a 50 day moving average of $594.84 and a 200 day moving average of $582.79.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The business had revenue of $13.37 billion for the quarter, compared to analysts' expectations of $11.55 billion. During the same quarter in the previous year, the firm posted $6.64 EPS. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. On average, sell-side analysts expect that Deere & Company will post 18.26 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Deere & Company's dividend payout ratio (DPR) is 36.71%.

Analysts Set New Price Targets

Several analysts have recently commented on DE shares. Jefferies Financial Group upgraded shares of Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 target price for the company in a report on Wednesday, April 8th. Bank of America cut their target price on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Weiss Ratings upgraded Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Wall Street Zen raised Deere & Company from a "sell" rating to a "hold" rating in a research report on Sunday, July 5th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $752.00 target price on shares of Deere & Company in a research note on Monday, June 1st. Fourteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Deere & Company currently has an average rating of "Moderate Buy" and a consensus price target of $642.98.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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