Corteva (NYSE:CTVA) Raised to Buy at Wall Street Zen

Corteva (NYSE:CTVA) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other analysts have also recently issued research reports about the stock. Citigroup raised shares of Corteva from a “neutral” rating to a “positive” rating in a research note on Thursday, December 18th. The Goldman Sachs Group upped their price objective on Corteva from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Wells Fargo & Company cut their target price on Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Bank of America upped their price target on Corteva from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Finally, Argus cut their price objective on Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a report on Monday, October 13th. Sixteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.84.

Corteva Stock Performance

CTVA opened at $69.65 on Friday. The stock’s 50 day simple moving average is $66.79 and its 200-day simple moving average is $68.56. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. The stock has a market cap of $47.06 billion, a PE ratio of 29.77, a P/E/G ratio of 1.41 and a beta of 0.74. Corteva has a 1 year low of $53.40 and a 1 year high of $77.41.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the previous year, the company earned ($0.49) earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. Sell-side analysts forecast that Corteva will post 2.96 EPS for the current year.

Hedge Funds Weigh In On Corteva

Institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in Corteva in the 2nd quarter worth approximately $434,220,000. Pacer Advisors Inc. boosted its position in Corteva by 4,007.1% in the 3rd quarter. Pacer Advisors Inc. now owns 2,442,177 shares of the company’s stock valued at $165,164,000 after buying an additional 2,382,715 shares during the last quarter. WCM Investment Management LLC increased its stake in shares of Corteva by 29.6% in the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock valued at $672,836,000 after buying an additional 2,066,519 shares during the period. Amundi raised its position in shares of Corteva by 125.3% during the third quarter. Amundi now owns 3,415,554 shares of the company’s stock worth $219,620,000 after acquiring an additional 1,899,248 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Corteva by 4,769.2% during the second quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock valued at $143,427,000 after acquiring an additional 1,884,897 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.