NewEdge Wealth LLC Sells 3,342 Shares of Deere & Company $DE

Key Points

• NewEdge Wealth LLC reduced its Deere & Company position by 59.4% in the first quarter, selling 3,342 shares and retaining 2,286 shares valued at approximately $1.29 million.
• Deere reported quarterly earnings of $6.55 per share and revenue of $13.37 billion, exceeding analyst estimates; revenue increased 5.4% year over year.
• The company declared a quarterly dividend of $1.62 per share, or $6.48 annually, representing a 1.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $642.98.

NewEdge Wealth LLC cut its position in Deere & Company (NYSE:DE - Free Report) by 59.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,286 shares of the industrial products company's stock after selling 3,342 shares during the quarter. NewEdge Wealth LLC's holdings in Deere & Company were worth $1,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Portus Wealth Advisors LLC purchased a new position in Deere & Company during the first quarter worth about $32,000. Key Capital Management INC purchased a new stake in shares of Deere & Company in the 4th quarter valued at about $27,000. Timmons Wealth Management LLC purchased a new stake in shares of Deere & Company in the 4th quarter valued at about $29,000. McIlrath & Eck LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at about $30,000. Finally, Wealth Watch Advisors INC bought a new stake in shares of Deere & Company during the 3rd quarter valued at about $32,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Stock Performance

Shares of NYSE DE opened at $628.32 on Monday. The stock's 50-day moving average is $585.05 and its 200 day moving average is $576.86. The stock has a market cap of $169.61 billion, a price-to-earnings ratio of 35.60, a P/E/G ratio of 2.65 and a beta of 0.89. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54.

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, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same quarter in the prior year, the firm earned $6.64 earnings per share. Deere & Company's revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts anticipate that Deere & Company will post 18.28 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be issued 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 payout ratio is presently 36.71%.

Analyst Upgrades and Downgrades

DE has been the topic of several research analyst reports. Bank of America decreased their price objective on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. Wolfe Research lifted their target price on shares of Deere & Company from $550.00 to $660.00 and gave the company an "outperform" rating in a research report on Tuesday, March 31st. Jefferies Financial Group raised shares of Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 price target for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. increased their price target on shares of Deere & Company from $560.00 to $590.00 and gave the stock a "neutral" rating in a report on Thursday, June 4th. Finally, DA Davidson restated a "buy" rating and set a $685.00 price objective on shares of Deere & Company in a research report on Friday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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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