Royal Bank Of Canada Initiates Coverage on Deere & Company (NYSE:DE)

Royal Bank Of Canada began coverage on shares of Deere & Company (NYSE:DE) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $542.00 price target on the industrial products company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 15.44% from the company’s previous close.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Deere & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Citigroup reduced their price target on shares of Deere & Company from $525.00 to $515.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 7th. Zacks Research lowered shares of Deere & Company from a “hold” rating to a “strong sell” rating in a research report on Monday. Truist Financial increased their price target on shares of Deere & Company from $602.00 to $609.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Deere & Company from $495.00 to $480.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $518.72.

Deere & Company Stock Up 1.5%

Shares of DE opened at $469.52 on Wednesday. Deere & Company has a 12 month low of $387.03 and a 12 month high of $533.78. The firm’s 50 day moving average is $470.19 and its 200-day moving average is $488.07. The stock has a market capitalization of $126.92 billion, a PE ratio of 24.54, a P/E/G ratio of 2.97 and a beta of 1.02. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, topping the consensus estimate of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The business’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same period last year, the firm earned $6.29 earnings per share. Equities research analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Hedge Funds Weigh In On Deere & Company

Hedge funds have recently modified their holdings of the business. Mid American Wealth Advisory Group Inc. acquired a new position in shares of Deere & Company during the second quarter worth $25,000. Howard Hughes Medical Institute acquired a new position in shares of Deere & Company during the second quarter worth $27,000. Activest Wealth Management lifted its holdings in shares of Deere & Company by 2,750.0% during the first quarter. Activest Wealth Management now owns 57 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 55 shares during the period. Hughes Financial Services LLC acquired a new position in shares of Deere & Company during the first quarter worth $29,000. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 36 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

About Deere & Company

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.