Corteva (NYSE:CTVA) Stock Price Expected to Rise, Bank of America Analyst Says

Corteva (NYSE:CTVA) had its price target hoisted by investment analysts at Bank of America from $67.00 to $69.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 18.97% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. KeyCorp lowered their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Royal Bank of Canada reduced their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.89.

Corteva Price Performance

Shares of CTVA opened at $58.00 on Wednesday. The company has a market cap of $39.86 billion, a price-to-earnings ratio of 58.59, a PEG ratio of 1.77 and a beta of 0.77. The company’s fifty day simple moving average is $58.42 and its 200 day simple moving average is $55.70. Corteva has a 1-year low of $43.89 and a 1-year high of $63.75. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its board has initiated a share buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Corteva

Several institutional investors have recently made changes to their positions in the company. Rovin Capital UT ADV increased its position in shares of Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. Proffitt & Goodson Inc. boosted its position in shares of Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after acquiring an additional 174 shares during the period. Pinnacle Bancorp Inc. grew its position in shares of Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after purchasing an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its stake in Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after acquiring an additional 203 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.