Corteva (NYSE:CTVA) Price Target Cut to $68.00 by Analysts at KeyCorp

Corteva (NYSE:CTVA) had its target price dropped by stock analysts at KeyCorp from $69.00 to $68.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 20.57% from the stock’s previous close.

A number of other equities analysts have also issued reports on the company. UBS Group increased their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays raised their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Citigroup lowered their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.35.

Corteva Stock Down 1.3 %

CTVA opened at $56.40 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a 12 month low of $44.01 and a 12 month high of $64.20. The stock’s 50 day moving average price is $58.96 and its 200 day moving average price is $56.76. The stock has a market cap of $38.76 billion, a P/E ratio of 56.97, a P/E/G ratio of 1.94 and a beta of 0.77.

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

Hedge Funds Weigh In On Corteva

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rovin Capital UT ADV lifted its holdings in shares of Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares in the last quarter. Proffitt & Goodson Inc. raised its holdings in Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after buying an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. lifted its stake in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the period. Finally, Diversified Trust Co lifted its holdings in Corteva by 1.0% during the fourth quarter. Diversified Trust Co now owns 21,449 shares of the company’s stock valued at $1,222,000 after purchasing an additional 210 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.