Corteva (NYSE:CTVA) Now Covered by The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group assumed coverage on shares of Corteva (NYSE:CTVA) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $71.00 price target on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 20.19% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. KeyCorp raised their price objective on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Barclays raised their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Oppenheimer raised their price objective on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Royal Bank of Canada raised their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Citigroup raised their target price on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Corteva Stock Down 1.5 %

CTVA opened at $59.07 on Thursday. The stock has a market cap of $40.50 billion, a PE ratio of 45.79, a P/E/G ratio of 1.68 and a beta of 0.79. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva has a 52 week low of $50.01 and a 52 week high of $66.24. The business’s fifty day simple moving average is $61.84 and its 200 day simple moving average is $59.63.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, research analysts expect that Corteva will post 2.96 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently modified their holdings of the business. Flagship Wealth Advisors LLC bought a new stake in shares of Corteva during the 4th quarter valued at $25,000. Noble Wealth Management PBC bought a new stake in shares of Corteva during the 4th quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in shares of Corteva during the 4th quarter valued at $27,000. Pinney & Scofield Inc. bought a new stake in shares of Corteva during the 4th quarter valued at $27,000. Finally, LGT Financial Advisors LLC bought a new stake in shares of Corteva during the 4th quarter valued at $31,000. Institutional investors own 81.54% of the company’s stock.

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.