Cove Private Wealth LLC Makes New Investment in Deere & Company $DE

Key Points

• Cove Private Wealth LLC invested approximately $1.6 million in Deere & Company during the second quarter, acquiring 3,157 shares.
• Deere & Company reported a 4.75 EPS for the last quarter, exceeding analysts’ expectations, despite a 9.0% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.62 per share, resulting in an annualized dividend yield of 1.4% and a payout ratio of 33.87%.

Cove Private Wealth LLC 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 fund bought 3,157 shares of the industrial products company's stock, valued at approximately $1,605,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GAMMA Investing LLC grew its stake in Deere & Company by 61,215.9% in the 1st quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company's stock valued at $822,781,000 after purchasing an additional 1,750,163 shares during the period. Nuveen LLC bought a new position in Deere & Company during the first quarter valued at about $571,073,000. Voya Investment Management LLC increased its holdings in Deere & Company by 97.1% during the first quarter. Voya Investment Management LLC now owns 733,871 shares of the industrial products company's stock worth $344,442,000 after buying an additional 361,526 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Deere & Company by 4.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company's stock worth $3,227,258,000 after acquiring an additional 286,253 shares during the period. Finally, Sarasin & Partners LLP boosted its stake in Deere & Company by 50.4% in the first quarter. Sarasin & Partners LLP now owns 771,866 shares of the industrial products company's stock valued at $362,275,000 after acquiring an additional 258,522 shares during the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Price Performance

Deere & Company stock opened at $463.93 on Friday. Deere & Company has a one year low of $387.03 and a one year high of $533.78. The business has a fifty day moving average price of $489.67 and a 200-day moving average price of $489.66. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The firm has a market capitalization of $125.41 billion, a P/E ratio of 24.25, a PEG ratio of 3.00 and a beta of 1.00.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The firm's revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $6.29 EPS. As a group, equities research analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Deere & Company's dividend payout ratio is presently 33.87%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DE. Evercore ISI set a $491.00 price target on shares of Deere & Company in a research note on Tuesday, August 19th. Robert W. Baird reduced their price objective on Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a report on Friday, August 15th. JPMorgan Chase & Co. lowered their target price on Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 2nd. Oppenheimer dropped their price target on Deere & Company from $566.00 to $512.00 and set an "outperform" rating on the stock in a research report on Thursday, September 18th. Finally, Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $518.06.

Deere & Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.

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