Wellington Management Group LLP Sells 1,456,139 Shares of Deere & Company $DE

Key Points

• Wellington Management Group LLP has reduced its stake in Deere & Company by 21.6%, selling 1,456,139 shares during the first quarter, leaving it with approximately $2.48 billion worth of shares.
• A recent earnings report revealed Deere & Company posted an EPS of $4.75, exceeding analyst estimates, despite a 9.0% revenue decline compared to the previous year.
• The company announced a quarterly dividend of $1.62 per share, culminating in an annual dividend yield of 1.3% with a payout ratio of 33.87%.

Wellington Management Group LLP trimmed its stake in shares of Deere & Company (NYSE:DE - Free Report) by 21.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,290,009 shares of the industrial products company's stock after selling 1,456,139 shares during the quarter. Wellington Management Group LLP owned 1.95% of Deere & Company worth $2,482,866,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DE. Hughes Financial Services LLC bought a new position in Deere & Company in the 1st quarter worth about $29,000. Cornerstone Planning Group LLC increased its stake 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 acquiring an additional 36 shares during the last quarter. Orion Capital Management LLC bought a new position in Deere & Company in the 4th quarter worth about $34,000. Mascagni Wealth Management Inc. bought a new position in Deere & Company in the 4th quarter worth about $39,000. Finally, Dogwood Wealth Management LLC purchased a new position in shares of Deere & Company in the 4th quarter worth about $42,000. 68.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on DE shares. Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a report on Friday, June 6th. Citigroup cut their price objective on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Robert W. Baird cut 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. Oppenheimer upped their price objective on Deere & Company from $560.00 to $566.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Truist Financial cut their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $521.47.

Deere & Company Stock Up 2.1%

Shares of NYSE:DE opened at $488.68 on Monday. Deere & Company has a 52-week low of $371.16 and a 52-week high of $533.78. The firm has a market capitalization of $132.35 billion, a P/E ratio of 25.55, a P/E/G ratio of 3.10 and a beta of 1.06. The stock has a 50 day moving average price of $511.18 and a 200-day moving average price of $490.04. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

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

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. Deere & Company's dividend payout ratio is currently 33.87%.

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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