Deere & Company $DE Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management reduced its Deere & Company stake by 19.5% in the third quarter, selling 1,790 shares and retaining 7,368 shares valued at approximately $4.95 million. Institutional investors collectively own 68.58% of the company.
• Analyst sentiment remains favorable, with 17 Buy ratings and eight Holds, producing a consensus “Moderate Buy” rating and an average price target of $688.10. Several firms recently raised their price targets, including Robert W. Baird to $800.
• Deere exceeded quarterly expectations, reporting $5.10 in earnings per share and $12.61 billion in revenue, with revenue up 6.2% year over year. The company also declared a quarterly dividend of $1.62 per share, equivalent to a 1.0% annualized yield.

Axxcess Wealth Management LLC trimmed its stake in Deere & Company (NYSE:DE - Free Report) by 19.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,368 shares of the industrial products company's stock after selling 1,790 shares during the quarter. Axxcess Wealth Management LLC's holdings in Deere & Company were worth $4,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baxter Bros Inc. bought a new position in Deere & Company in the 2nd quarter valued at $1,707,000. Global Retirement Partners LLC bought a new position in shares of Deere & Company during the 2nd quarter worth $3,890,000. Nykredit A S purchased a new stake in Deere & Company in the 2nd quarter worth about $44,378,000. TRB Wealth Management LLC bought a new stake in Deere & Company in the 2nd quarter valued at about $623,000. Finally, Pacific Sage Partners LLC bought a new stake in Deere & Company in the 2nd quarter valued at about $2,592,000. 68.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. CICC Research began coverage on shares of Deere & Company in a research report on Sunday, September 13th. They set an "outperform" rating for the company. Bank of America boosted their price target on shares of Deere & Company from $667.00 to $715.00 in a research report on Thursday, September 24th. Barclays boosted their price target on shares of Deere & Company from $640.00 to $675.00 and gave the company an "overweight" rating in a research report on Monday, August 24th. Robert W. Baird upgraded shares of Deere & Company from a "neutral" rating to an "outperform" rating and upped their price target for the company from $640.00 to $800.00 in a research note on Monday, August 31st. Finally, Raymond James Financial raised their price objective on shares of Deere & Company from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Monday, August 31st. Seventeen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $688.10.

Deere & Company Stock Performance

Deere & Company stock opened at $636.93 on Thursday. The firm's 50 day simple moving average is $659.06 and its 200 day simple moving average is $613.53. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45. The firm has a market capitalization of $171.73 billion, a PE ratio of 35.39, a price-to-earnings-growth ratio of 2.31 and a beta of 0.86. Deere & Company has a 1-year low of $454.50 and a 1-year high of $721.22.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, topping the consensus estimate of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The firm had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. During the same quarter in the prior year, the firm posted $4.75 earnings per share. The business's quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts expect that Deere & Company will post 18.11 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.0%. Deere & Company's payout ratio is presently 36.00%.

Deere & Company Company Profile

Deere & Company, founded by blacksmith John Deere in 1837, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. The company is headquartered in Moline, Illinois, and operates under the John Deere brand.

Its products include tractors, combines, planters, sprayers, harvesting equipment, loaders, excavators, motor graders, forestry machines, mowers and compact utility equipment. Deere also provides replacement parts, equipment support, financing and technology-enabled solutions designed to improve machine productivity, automation and precision in farming and other industries.

Deere serves customers through dealerships and operations across North America, Latin America, Europe and other international markets.

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