Corteva (NYSE:CTVA) Rating Increased to Buy at Wall Street Zen

Corteva (NYSE:CTVA) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research firms have also recently issued reports on CTVA. Royal Bank Of Canada dropped their price target on shares of Corteva from $86.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Corteva in a research report on Monday, December 8th. Argus cut their target price on shares of Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Citigroup raised shares of Corteva from a “neutral” rating to a “positive” rating in a research note on Thursday. Finally, Wells Fargo & Company cut their price objective on Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Sixteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.21.

Corteva Trading Down 0.9%

CTVA stock opened at $66.39 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.58 and a debt-to-equity ratio of 0.07. Corteva has a 52-week low of $53.40 and a 52-week high of $77.41. The company’s 50-day simple moving average is $64.54 and its 200-day simple moving average is $69.33. The firm has a market cap of $44.86 billion, a P/E ratio of 28.37, a PEG ratio of 1.52 and a beta of 0.74.

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

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently added to or reduced their stakes in the stock. Peak Financial Advisors LLC purchased a new position in shares of Corteva during the 2nd quarter worth approximately $505,000. PGGM Investments grew its holdings in Corteva by 68.5% during the 2nd quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock valued at $91,183,000 after buying an additional 497,200 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Corteva by 28.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock worth $179,476,000 after buying an additional 634,938 shares in the last quarter. S.E.E.D. Planning Group LLC raised its holdings in shares of Corteva by 70.3% in the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock worth $12,252,000 after acquiring an additional 67,869 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Corteva by 2.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,174,351 shares of the company’s stock valued at $262,692,000 after acquiring an additional 84,506 shares in the last quarter. 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.