Corteva (NYSE:CTVA) Stock Price Expected to Rise, KeyCorp Analyst Says

Corteva (NYSE:CTVA) had its price target hoisted by equities research analysts at KeyCorp from $66.00 to $69.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target would indicate a potential upside of 12.69% from the company’s previous close.

Several other research analysts also recently weighed in on CTVA. Barclays upped their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. Finally, Royal Bank of Canada dropped their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $64.33.

Corteva Price Performance

Shares of Corteva stock opened at $61.23 on Thursday. The company has a market capitalization of $42.08 billion, a price-to-earnings ratio of 61.85, a PEG ratio of 1.87 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The stock’s 50-day simple moving average is $58.69 and its 200-day simple moving average is $55.79. Corteva has a 52 week low of $43.89 and a 52 week high of $63.75.

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

Institutional Investors Weigh In On Corteva

Institutional investors and hedge funds have recently modified their holdings of the business. Rovin Capital UT ADV increased its stake in Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after purchasing an additional 168 shares during the period. Capital Advisors Ltd. LLC increased its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the period. Proffitt & Goodson Inc. lifted its holdings in Corteva by 2.2% during the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after buying an additional 174 shares in the last quarter. Pinnacle Bancorp Inc. boosted its position in Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after buying an additional 199 shares during the period. Finally, Azzad Asset Management Inc. ADV grew its stake in Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after acquiring an additional 203 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Company Profile

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.