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

Corteva (NYSE:CTVA) had its target price lifted by stock analysts at Citigroup from $70.00 to $74.00 in a note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 3.35% from the stock’s current price.

CTVA has been the topic of a number of other research reports. Wall Street Zen raised shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, January 17th. Mizuho increased their target price on shares of Corteva from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, January 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corteva in a research note on Monday, December 29th. The Goldman Sachs Group upped their price objective on shares of Corteva from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Finally, Bank of America raised their price objective on Corteva from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.47.

Corteva Stock Performance

Shares of CTVA stock opened at $71.60 on Wednesday. The company has a market cap of $48.38 billion, a P/E ratio of 30.60, a PEG ratio of 1.83 and a beta of 0.74. The firm has a fifty day moving average price of $67.15 and a 200 day moving average price of $68.49. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. Corteva has a 12 month low of $53.40 and a 12 month high of $77.41.

Corteva (NYSE:CTVA) last posted 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 company had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.Corteva’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned ($0.49) earnings per share. Sell-side analysts predict that Corteva will post 2.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corteva

Several institutional investors have recently added to or reduced their stakes in CTVA. PGGM Investments lifted its position in Corteva by 68.5% during the 2nd quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock worth $91,183,000 after acquiring an additional 497,200 shares in the last quarter. TriaGen Wealth Management LLC purchased a new stake in shares of Corteva during the third quarter valued at approximately $4,284,000. New York State Teachers Retirement System lifted its position in shares of Corteva by 4.5% during the third quarter. New York State Teachers Retirement System now owns 551,389 shares of the company’s stock worth $37,290,000 after purchasing an additional 23,548 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Corteva by 43.0% in the third 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 during the period. Finally, Nordea Investment Management AB grew its holdings in Corteva by 27.4% during the 3rd quarter. Nordea Investment Management AB now owns 75,675 shares of the company’s stock valued at $5,103,000 after purchasing an additional 16,261 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.