Mizuho Cuts Corteva (NYSE:CTVA) Price Target to $60.00

Corteva (NYSE:CTVA) had its target price reduced by research analysts at Mizuho from $61.00 to $60.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s target price would suggest a potential upside of 15.27% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group boosted their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. TheStreet raised shares of Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $57.00 target price (down previously from $58.00) on shares of Corteva in a research report on Friday, April 12th. BMO Capital Markets boosted their target price on shares of Corteva from $64.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Corteva Stock Up 1.7 %

Shares of Corteva stock opened at $52.05 on Tuesday. The firm’s 50 day moving average price is $55.13 and its 200-day moving average price is $52.33. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. Corteva has a 52-week low of $43.22 and a 52-week high of $58.81. The company has a market cap of $36.28 billion, a P/E ratio of 65.89, a PEG ratio of 1.36 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, sell-side analysts predict that Corteva will post 2.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the sale, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brian Titus sold 12,134 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares of the company’s stock, valued at $764,491.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,556 shares of company stock valued at $4,795,016. 0.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the company. WCM Investment Management LLC boosted its stake in Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after buying an additional 213,949 shares during the period. Parsons Capital Management Inc. RI acquired a new position in shares of Corteva in the 1st quarter valued at $230,000. California State Teachers Retirement System increased its holdings in shares of Corteva by 15.1% in the 4th quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after acquiring an additional 181,883 shares during the period. 17 Capital Partners LLC acquired a new position in Corteva in the 4th quarter valued at $1,649,000. Finally, Factory Mutual Insurance Co. increased its stake in Corteva by 10.7% in the 4th quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock valued at $25,520,000 after buying an additional 51,500 shares during the period. 81.54% of the stock is currently 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.