Deere & Co. said Wednesday that its board ofdirectors approved an increase to the
company’s share buyback program.It also declared a quarterly dividend.The tractor maker said thatit will
boost its share buyback program by $8 billion. It still hasabout $1 billion remaining from a $5 billion
share buyback programannounced in May 2008. Since 2004, Deere said it has repurchased about$11 billion of
common stock. The company said it had about 375 millionoutstanding shares as of Oct. 31.Deere also announced
a quarterlydividend of 51 cents per share, which will be paid on Feb. 3 toshareholders of record as of Dec.
31."Today’s action reflects our confidence in the company’s long-term future growth
opportunities," Deere CEO Samuel Allen said.The company, which is based in Moline, Ill., also makes
mowers, plows and other gear used by farmers.Companiestypically buy back stock when they have excess cash on
hand or feeltheir shares are undervalued. Buying back stock can boost the value ofremaining shares.Deere’s
profits have been rising after it raised prices on farm and construction equipment.Shares of Deere rose
$3.68, or 4.5 percent, to $86.39 in morning trading Wednesday.Copyright 2013 The Associated Press. All
rightsreserved. This material may not be published, broadcast, rewritten orredistributed.