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

Corteva (NYSE:CTVA) had its price objective upped by equities research analysts at Mizuho from $78.00 to $80.00 in a report released on Friday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price suggests a potential upside of 14.86% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. BNP Paribas Exane raised their price target on shares of Corteva from $70.00 to $72.00 and gave the stock a “neutral” rating in a report on Monday, November 17th. UBS Group decreased their price target on Corteva from $85.00 to $81.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Zacks Research cut shares of Corteva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 30th. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a report on Thursday, October 2nd. Finally, Jefferies Financial Group dropped their price target on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Sixteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.84.

Corteva Stock Performance

Shares of CTVA stock opened at $69.65 on Friday. The stock has a market capitalization of $47.06 billion, a PE ratio of 29.77, a PEG ratio of 1.41 and a beta of 0.74. Corteva has a one year low of $53.40 and a one year high of $77.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. The business’s 50 day simple moving average is $66.79 and its 200 day simple moving average is $68.62.

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

Institutional Trading of Corteva

Institutional investors have recently added to or reduced their stakes in the business. PGGM Investments increased its position in shares of Corteva by 68.5% during the second 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 period. TriaGen Wealth Management LLC purchased a new position in shares of Corteva during the third quarter valued at approximately $4,284,000. New York State Teachers Retirement System boosted its holdings in Corteva by 4.5% in the third quarter. New York State Teachers Retirement System now owns 551,389 shares of the company’s stock worth $37,290,000 after acquiring an additional 23,548 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Corteva by 43.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,751,157 shares of the company’s stock valued at $186,061,000 after purchasing an additional 826,738 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in Corteva by 302.1% in the 2nd quarter. Schroder Investment Management Group now owns 484,605 shares of the company’s stock worth $36,118,000 after acquiring an additional 364,083 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Company Profile

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.