Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its price objective hoisted by equities researchers at Bank of America from $69.00 to $73.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 17.70% from the company’s previous close.

Several other research analysts also recently issued reports on CTVA. KeyCorp lifted their price objective on Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Barclays boosted their price target on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Royal Bank of Canada increased their price objective on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup boosted their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average price target of $67.73.

Corteva Stock Down 1.5 %

Shares of NYSE CTVA opened at $62.02 on Tuesday. The stock has a market capitalization of $42.63 billion, a price-to-earnings ratio of 48.08, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. Corteva has a 52 week low of $50.01 and a 52 week high of $66.24. The firm has a 50-day moving average price of $60.24 and a 200 day moving average price of $58.35. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Equities research analysts anticipate that Corteva will post 2.83 EPS for the current fiscal year.

Corteva declared that its board has approved a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CTVA. Norges Bank purchased a new position in shares of Corteva in the 4th quarter valued at $251,892,000. Raymond James Financial Inc. purchased a new position in Corteva in the fourth quarter valued at about $161,052,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva during the third quarter worth about $99,869,000. Franklin Resources Inc. boosted its position in shares of Corteva by 9.2% in the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company’s stock worth $919,507,000 after buying an additional 1,354,418 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG grew its stake in shares of Corteva by 69.0% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 2,870,859 shares of the company’s stock valued at $163,181,000 after buying an additional 1,172,110 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.