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

Corteva (NYSE:CTVA) had its price objective lifted by stock analysts at Oppenheimer from $70.00 to $72.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 15.07% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on CTVA. Royal Bank of Canada boosted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Barclays upped their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. KeyCorp upped their target price on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Bank of America increased 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.31.

Corteva Stock Up 0.3 %

Shares of CTVA stock traded up $0.21 during trading hours on Friday, hitting $62.57. 1,731,800 shares of the company’s stock traded hands, compared to its average volume of 3,648,632. The stock’s fifty day simple moving average is $60.22 and its two-hundred day simple moving average is $58.14. Corteva has a 12-month low of $50.01 and a 12-month high of $66.24. The stock has a market cap of $43.00 billion, a price-to-earnings ratio of 63.29, a PEG ratio of 1.71 and a beta of 0.78. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 6.63% and a net margin of 4.18%. On average, analysts expect that Corteva will post 2.58 EPS for the current year.

Corteva declared that its board has approved a stock buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTVA. Raymond James Financial Inc. acquired a new stake in shares of Corteva in the 4th quarter valued at about $161,052,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Corteva during the 3rd quarter valued at approximately $99,869,000. Franklin Resources Inc. raised its stake in Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after acquiring an additional 856,007 shares during the last quarter. KBC Group NV raised its stake in Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Finally, State Street Corp raised its stake in Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.