Royal Bank of Canada Has $710.97 Million Stock Position in Deere & Company $DE

Royal Bank of Canada boosted its stake in Deere & Company (NYSE:DE) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,262,146 shares of the industrial products company’s stock after acquiring an additional 106,349 shares during the period. Royal Bank of Canada owned 0.47% of Deere & Company worth $710,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cary Street Partners Financial LLC boosted its holdings in shares of Deere & Company by 11.8% during the 4th quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company’s stock worth $4,801,000 after buying an additional 1,086 shares in the last quarter. Spectrum Financial Alliance Ltd LLC increased its stake in Deere & Company by 55.8% in the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company’s stock valued at $39,737,000 after purchasing an additional 30,553 shares in the last quarter. Westpac Banking Corp increased its stake in Deere & Company by 78.6% in the fourth quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company’s stock valued at $3,224,000 after purchasing an additional 3,047 shares in the last quarter. Eldred Rock Partners LLC acquired a new position in shares of Deere & Company during the fourth quarter valued at about $13,166,000. Finally, Natixis Advisors LLC boosted its position in shares of Deere & Company by 13.4% during the 4th quarter. Natixis Advisors LLC now owns 388,595 shares of the industrial products company’s stock worth $180,919,000 after purchasing an additional 45,782 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analysts Forecast Growth

DE has been the subject of several research reports. Bank of America reduced their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research note on Friday, May 22nd. Barclays upped their target price on Deere & Company from $530.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Truist Financial lifted their price target 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. Jefferies Financial Group upgraded shares of Deere & Company from an “underperform” rating to a “hold” rating and set a $550.00 price target for the company in a research note on Wednesday, April 8th. Finally, Wolfe Research upped their price objective on shares of Deere & Company from $550.00 to $660.00 and gave the stock an “outperform” rating in a report on Tuesday, March 31st. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $642.98.

Deere & Company Price Performance

DE opened at $640.78 on Wednesday. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. The company has a market capitalization of $172.97 billion, a price-to-earnings ratio of 36.30, a P/E/G ratio of 2.64 and a beta of 0.89. The firm’s fifty day moving average price is $587.92 and its two-hundred day moving average price is $579.01.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating the consensus estimate of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. During the same quarter in the prior year, the company posted $6.64 earnings per share. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, analysts anticipate that Deere & Company will post 18.28 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th will be paid a $1.62 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.0%. Deere & Company’s dividend payout ratio (DPR) is 36.71%.

Deere & Company Profile

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.