Citigroup Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price objective upped by equities research analysts at Citigroup from $70.00 to $74.00 in a report released on Wednesday,MarketScreener reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 4.54% from the company’s previous close.

A number of other brokerages have also recently commented on CTVA. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price target on the stock in a research note on Thursday, October 2nd. Rothschild & Co Redburn decreased their target price on shares of Corteva from $71.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, November 6th. UBS Group decreased their price objective on shares of Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Finally, Wells Fargo & Company lowered their price objective on shares of Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.47.

Corteva Price Performance

Shares of NYSE CTVA traded up $1.89 during midday trading on Wednesday, hitting $70.79. 731,354 shares of the company’s stock were exchanged, compared to its average volume of 3,376,534. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average price is $66.94 and its two-hundred day moving average price is $68.45. The company has a market cap of $47.83 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.41 and a beta of 0.74. Corteva has a 12-month low of $53.40 and a 12-month high of $77.41.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. The business had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.49) earnings per share. As a group, research analysts forecast that Corteva will post 2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently bought and sold shares of CTVA. Vanguard Group Inc. boosted its stake in shares of Corteva by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock worth $5,976,436,000 after buying an additional 373,680 shares during the last quarter. State Street Corp boosted its position in Corteva by 3.6% in the third quarter. State Street Corp now owns 35,280,805 shares of the company’s stock worth $2,386,041,000 after purchasing an additional 1,230,074 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Corteva by 5.9% during the 3rd quarter. Franklin Resources Inc. now owns 18,731,627 shares of the company’s stock valued at $1,266,820,000 after purchasing an additional 1,051,389 shares during the period. Geode Capital Management LLC increased its position in shares of Corteva by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock valued at $1,339,651,000 after purchasing an additional 251,693 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Corteva by 1.8% in the 3rd quarter. Northern Trust Corp now owns 11,169,284 shares of the company’s stock worth $755,379,000 after purchasing an additional 194,728 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.