Deere & Company (NYSE:DE) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in Deere & Company by 2.8%, now holding 258,344 shares valued at approximately $121.25 million.
• Deere & Company reported a quarterly EPS of $6.64, surpassing analysts' estimate, with total revenue reaching $11.17 billion despite a year-over-year decline of 17.9%.
• A quarterly dividend of $1.62 is scheduled for payment on August 8th, which would result in an annualized dividend yield of 1.3%.

PNC Financial Services Group Inc. lowered its stake in shares of Deere & Company (NYSE:DE - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,344 shares of the industrial products company's stock after selling 7,539 shares during the quarter. PNC Financial Services Group Inc. owned about 0.10% of Deere & Company worth $121,254,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Hughes Financial Services LLC acquired a new position in Deere & Company in the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC increased its holdings in Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares during the period. Orion Capital Management LLC acquired a new position in Deere & Company in the 4th quarter worth approximately $34,000. Mascagni Wealth Management Inc. acquired a new position in Deere & Company in the 4th quarter worth approximately $39,000. Finally, Citizens National Bank Trust Department acquired a new position in Deere & Company in the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Price Performance

DE stock traded up $4.20 during midday trading on Wednesday, reaching $512.78. The stock had a trading volume of 215,165 shares, compared to its average volume of 1,332,932. The company's fifty day simple moving average is $512.25 and its 200 day simple moving average is $488.25. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. The company has a market cap of $138.87 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06. Deere & Company has a 52-week low of $343.38 and a 52-week high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating analysts' consensus estimates of $5.72 by $0.92. The company had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter last year, the firm posted $8.53 EPS. As a group, sell-side analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be issued a $1.62 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.3%. Deere & Company's dividend payout ratio (DPR) is presently 31.35%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Melius upgraded shares of Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. DA Davidson reiterated a "buy" rating and issued a $542.00 price target on shares of Deere & Company in a report on Friday, May 16th. Oppenheimer upped their price objective on Deere & Company from $555.00 to $560.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Citigroup lowered their price objective on Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $460.00 price objective (up previously from $425.00) on shares of Deere & Company in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Deere & Company currently has a consensus rating of "Hold" and a consensus price target of $515.50.

Deere & Company 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.