KeyCorp Has Lowered Expectations for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA - Get Free Report) had its price objective dropped by equities research analysts at KeyCorp from $69.00 to $68.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's target price would indicate a potential upside of 19.21% from the company's previous close.

Several other equities analysts have also recently commented on the stock. Morgan Stanley reiterated an "overweight" rating and set a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Oppenheimer reiterated an "outperform" rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. UBS Group boosted their price target on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Royal Bank of Canada raised their price objective on Corteva from $68.00 to $73.00 and gave the stock an "outperform" rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company boosted their price objective on Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $65.47.

Corteva Stock Performance

CTVA traded down $0.11 during midday trading on Friday, reaching $57.04. The company's stock had a trading volume of 3,886,457 shares, compared to its average volume of 2,891,093. Corteva has a twelve month low of $44.01 and a twelve month high of $64.20. The stock has a market cap of $39.20 billion, a P/E ratio of 57.62, a PEG ratio of 1.94 and a beta of 0.77. The company has a fifty day simple moving average of $58.88 and a 200 day simple moving average of $56.79. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

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

Institutional Trading of Corteva

A number of hedge funds and other institutional investors have recently made changes to their positions in CTVA. Rovin Capital UT ADV grew its holdings in Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock worth $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. Proffitt & Goodson Inc. raised its position in Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock worth $472,000 after purchasing an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. lifted its holdings in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock worth $57,000 after buying an additional 199 shares in the last quarter. Finally, Diversified Trust Co boosted its position in Corteva by 1.0% in the 4th quarter. Diversified Trust Co now owns 21,449 shares of the company's stock valued at $1,222,000 after buying an additional 210 shares during the last quarter. 81.54% of the stock is currently 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.