Corteva (NYSE:CTVA) Earns Buy Rating from Analysts at Citigroup

Stock analysts at Citigroup initiated coverage on shares of Corteva (NYSE:CTVA) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $68.00 price target on the stock. Citigroup’s price target suggests a potential upside of 15.02% from the stock’s current price.

CTVA has been the topic of a number of other research reports. Wells Fargo & Company decreased their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Corteva Trading Down 0.2 %

Shares of Corteva stock opened at $59.12 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. Corteva has a 12-month low of $43.22 and a 12-month high of $59.68. The company has a market capitalization of $41.21 billion, a price-to-earnings ratio of 74.84, a PEG ratio of 1.66 and a beta of 0.77. The firm’s 50-day moving average price is $56.66 and its two-hundred day moving average price is $55.09.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period last year, the firm posted $1.60 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, analysts forecast that Corteva will post 2.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Great Lakes Retirement Inc. increased its stake in shares of Corteva by 8.4% in the 3rd quarter. Great Lakes Retirement Inc. now owns 7,492 shares of the company’s stock valued at $440,000 after acquiring an additional 578 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Corteva in the third quarter valued at $8,239,000. Private Advisor Group LLC raised its holdings in shares of Corteva by 1.1% during the third quarter. Private Advisor Group LLC now owns 28,482 shares of the company’s stock valued at $1,674,000 after purchasing an additional 313 shares during the period. Westhampton Capital LLC boosted its position in shares of Corteva by 2.5% during the 3rd quarter. Westhampton Capital LLC now owns 8,641 shares of the company’s stock worth $508,000 after purchasing an additional 213 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of Corteva in the 3rd quarter valued at about $332,000. 81.54% of the stock is owned by institutional investors.

About Corteva

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.