Royal Bank Of Canada Reaffirms Outperform Rating for Deere & Company (NYSE:DE)

Key Points

• Royal Bank of Canada reaffirmed its “Outperform” rating on Deere & Company and set a $752 price target, implying 16.05% upside from the previous close.
• Deere reported stronger-than-expected quarterly results, with EPS of $5.10 versus the $4.69 consensus and revenue of $12.61 billion, up 6.2% year over year.
• Analyst sentiment remains favorable, with 14 Buy ratings and nine Holds producing a “Moderate Buy” consensus and an average price target of $645.12; institutional investors own 68.58% of the stock.

Deere & Company (NYSE:DE - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Royal Bank Of Canada in a report issued on Monday,Benzinga reports. They currently have a $752.00 price objective on the industrial products company's stock. Royal Bank Of Canada's target price indicates a potential upside of 16.05% from the stock's previous close.

A number of other brokerages have also recently commented on DE. Robert W. Baird lifted their target price on Deere & Company from $525.00 to $640.00 and gave the stock a "neutral" rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Deere & Company from $570.00 to $585.00 and gave the stock a "neutral" rating in a research report on Friday. Truist Financial boosted their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Bank of America reduced their target price on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Finally, UBS Group cut their price target on shares of Deere & Company from $732.00 to $728.00 and set a "buy" rating on the stock in a report on Friday. Fourteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Deere & Company has a consensus rating of "Moderate Buy" and a consensus price target of $645.12.

Deere & Company Trading Up 0.1%

Shares of Deere & Company stock opened at $648.00 on Monday. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. The firm has a market cap of $174.92 billion, a price-to-earnings ratio of 36.00, a PEG ratio of 2.74 and a beta of 0.90. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The business has a 50-day moving average price of $606.90 and a 200-day moving average price of $591.15.

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, beating the consensus estimate of $4.69 by $0.41. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The business had revenue of $12.61 billion during the quarter, compared to analysts' expectations of $10.81 billion. During the same quarter last year, the business posted $4.75 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. Equities research analysts anticipate that Deere & Company will post 18.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Deere & Company

Several hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System raised its holdings in shares of Deere & Company by 60,460.4% during the second quarter. California State Teachers Retirement System now owns 234,586,018 shares of the industrial products company's stock valued at $148,804,949,000 after acquiring an additional 234,198,659 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Deere & Company in the second quarter valued at about $11,763,504,000. Norges Bank purchased a new position in shares of Deere & Company in the fourth quarter worth about $1,715,633,000. Capital World Investors boosted its position in Deere & Company by 53.9% during the fourth quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock worth $4,465,906,000 after acquiring an additional 3,358,264 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Deere & Company in the 2nd quarter valued at about $1,685,093,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

About Deere & Company

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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