Corteva (NYSE:CTVA) Given New $69.00 Price Target at Bank of America

Corteva (NYSE:CTVA) had its target price raised by equities researchers at Bank of America from $67.00 to $69.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 18.97% from the company’s current price.

Other research analysts have also issued reports about the company. Royal Bank of Canada cut their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. UBS Group lifted their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, KeyCorp reduced 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $63.89.

Corteva Stock Performance

Shares of Corteva stock opened at $58.00 on Wednesday. The business’s 50 day moving average price is $58.42 and its 200 day moving average price is $55.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. 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. Corteva has a one year low of $43.89 and a one year high of $63.75.

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

Hedge Funds Weigh In On Corteva

Several institutional investors have recently added to or reduced their stakes in CTVA. State Street Corp increased its position in Corteva by 2.3% in the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after acquiring an additional 355,206 shares during the period. Harris Associates L P boosted its position in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after purchasing an additional 200,917 shares in the last quarter. FMR LLC grew its stake in Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after acquiring an additional 203,126 shares during the period. Finally, Van ECK Associates Corp increased its stake in Corteva by 2.5% during the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after purchasing an additional 213,872 shares in the last quarter. 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.