Bank of America Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA - Get Free Report) had its price objective raised by Bank of America from $69.00 to $73.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price indicates a potential upside of 14.03% from the stock's current price.

CTVA has been the subject of several other reports. Barclays raised their target price on shares of Corteva from $62.00 to $64.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 21st. Wells Fargo & Company raised their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, January 28th. Royal Bank of Canada raised their target price on shares of Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. UBS Group decreased their price objective on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Finally, KeyCorp lifted their price objective on shares of Corteva from $68.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.73.

Corteva Stock Up 1.8 %

CTVA stock traded up $1.16 during trading hours on Tuesday, reaching $64.02. 2,154,428 shares of the stock were exchanged, compared to its average volume of 3,641,754. The firm's 50-day moving average is $60.30 and its 200-day moving average is $58.41. The company has a market cap of $44.00 billion, a price-to-earnings ratio of 49.61, a PEG ratio of 1.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.96. Corteva has a 12 month low of $50.01 and a 12 month high of $66.24.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, equities research analysts expect that Corteva will post 2.83 earnings per share for the current year.

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

Institutional Trading of Corteva

A number of hedge funds and other institutional investors have recently modified their holdings of CTVA. Rinkey Investments acquired a new position in shares of Corteva during the fourth quarter worth $215,000. Boothbay Fund Management LLC lifted its holdings in shares of Corteva by 92.4% during the fourth quarter. Boothbay Fund Management LLC now owns 142,428 shares of the company's stock worth $8,113,000 after purchasing an additional 68,414 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Corteva during the fourth quarter worth $19,010,000. Stonebridge Capital Advisors LLC lifted its holdings in shares of Corteva by 2.2% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 130,779 shares of the company's stock worth $7,449,000 after purchasing an additional 2,810 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its position in Corteva by 4.4% during the fourth quarter. Integrated Wealth Concepts LLC now owns 20,820 shares of the company's stock valued at $1,186,000 after acquiring an additional 873 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

About Corteva

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.