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

Corteva (NYSE:CTVA) had its price target hoisted by equities research analysts at Barclays from $62.00 to $64.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 2.74% from the stock’s current price.

A number of other research firms also recently weighed in on CTVA. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Bank of America raised their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company increased their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Finally, Royal Bank of Canada boosted their price objective on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. One 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’s stock. According to data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average price target of $65.59.

Corteva Stock Up 1.1 %

Corteva stock opened at $62.30 on Tuesday. Corteva has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $42.82 billion, a price-to-earnings ratio of 62.93, a PEG ratio of 1.62 and a beta of 0.77. The company’s 50 day simple moving average is $59.03 and its 200 day simple moving average is $57.19.

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

Institutional Investors Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its position in Corteva by 3.8% in the 2nd quarter. American Century Companies Inc. now owns 117,070 shares of the company’s stock valued at $6,315,000 after purchasing an additional 4,255 shares during the period. AE Wealth Management LLC boosted its stake in Corteva by 6.2% in the second quarter. AE Wealth Management LLC now owns 9,138 shares of the company’s stock valued at $493,000 after acquiring an additional 534 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Corteva by 13.5% during the 2nd quarter. ProShare Advisors LLC now owns 125,770 shares of the company’s stock valued at $6,784,000 after acquiring an additional 14,968 shares during the period. Frank Rimerman Advisors LLC increased its stake in shares of Corteva by 10,695.2% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 4,534 shares of the company’s stock worth $245,000 after purchasing an additional 4,492 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Corteva by 91,373.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 85,070 shares of the company’s stock worth $4,589,000 after purchasing an additional 84,977 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.