Corteva (NYSE:CTVA) Stock Price Expected to Rise, Citigroup Analyst Says

Corteva (NYSE:CTVA) had its target price upped by equities research analysts at Citigroup from $67.00 to $68.00 in a research note issued on Thursday,MarketScreener reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 6.18% from the stock’s current price.

A number of other brokerages also recently issued reports on CTVA. Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. BMO Capital Markets set a $86.00 target price on Corteva in a report on Monday, September 15th. Morgan Stanley set a $84.00 price target on shares of Corteva in a report on Monday, September 15th. The Goldman Sachs Group decreased their price objective on shares of Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday. Fifteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.35.

Corteva Stock Up 1.4%

Shares of NYSE CTVA opened at $64.05 on Thursday. The firm’s fifty day moving average is $66.41 and its 200 day moving average is $69.38. Corteva has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.07. The company has a market cap of $43.49 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.40 and a beta of 0.81.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The business had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the prior year, the company posted ($0.49) EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities research analysts expect that Corteva will post 2.96 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently bought and sold shares of CTVA. Vanguard Group Inc. raised its holdings in Corteva by 0.5% in the second quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock worth $5,976,436,000 after buying an additional 373,680 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Corteva by 1.4% during the second quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock valued at $1,339,651,000 after acquiring an additional 251,693 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Corteva by 4.9% during the second quarter. Franklin Resources Inc. now owns 17,680,238 shares of the company’s stock valued at $1,317,708,000 after acquiring an additional 824,451 shares in the last quarter. Independent Franchise Partners LLP lifted its position in Corteva by 1.8% in the 1st quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock valued at $1,056,299,000 after acquiring an additional 288,792 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Corteva by 1.0% during the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock valued at $740,041,000 after purchasing an additional 110,865 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.