Royal Bank of Canada Cuts Deere & Company (DE) Price Target to $175.00

Deere & Company (NYSE:DE) had its price objective cut by research analysts at Royal Bank of Canada from $190.00 to $175.00 in a report issued on Monday, The Fly reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 26.00% from the company’s current price.

DE has been the subject of several other reports. DZ Bank downgraded Deere & Company from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Credit Suisse Group reduced their price objective on Deere & Company from $211.00 to $209.00 and set an “outperform” rating for the company in a research note on Tuesday, February 19th. Zacks Investment Research raised Deere & Company from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research note on Monday, February 4th. Barclays reissued a “buy” rating and issued a $180.00 price objective on shares of Deere & Company in a research note on Tuesday, February 19th. Finally, Berenberg Bank initiated coverage on Deere & Company in a research note on Thursday, May 9th. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $166.50.

Shares of Deere & Company stock opened at $138.89 on Monday. The stock has a market capitalization of $42.94 billion, a P/E ratio of 14.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.98 and a quick ratio of 1.68. Deere & Company has a 1 year low of $128.32 and a 1 year high of $169.99.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Friday, May 17th. The industrial products company reported $3.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.57 by ($0.05). The business had revenue of $10.27 billion during the quarter, compared to analysts’ expectations of $10.19 billion. Deere & Company had a return on equity of 28.83% and a net margin of 8.85%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.14 earnings per share. On average, research analysts forecast that Deere & Company will post 11.16 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of DE. Oregon Public Employees Retirement Fund raised its stake in shares of Deere & Company by 14,550.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,214,983 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 5,179,386 shares in the last quarter. Norges Bank purchased a new stake in shares of Deere & Company during the 4th quarter worth about $582,245,000. JPMorgan Chase & Co. raised its stake in shares of Deere & Company by 67.0% during the 1st quarter. JPMorgan Chase & Co. now owns 3,733,015 shares of the industrial products company’s stock worth $596,683,000 after purchasing an additional 1,497,433 shares in the last quarter. FMR LLC raised its stake in shares of Deere & Company by 13.6% during the 1st quarter. FMR LLC now owns 8,713,051 shares of the industrial products company’s stock worth $1,392,694,000 after purchasing an additional 1,043,039 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Deere & Company by 47.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,749,227 shares of the industrial products company’s stock worth $439,432,000 after purchasing an additional 886,561 shares in the last quarter. 68.93% of the stock is owned by institutional investors.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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