Corteva (NYSE:CTVA) Stock Price Expected to Rise, Citigroup Analyst Says

Corteva (NYSE:CTVA - Get Free Report) had its target price hoisted by equities research analysts at Citigroup from $69.00 to $74.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 13.71% from the company's previous close.

Several other research analysts have also issued reports on CTVA. Royal Bank of Canada increased their price objective on Corteva from $68.00 to $73.00 and gave the stock an "outperform" rating in a research note on Thursday, December 19th. KeyCorp dropped their target price on shares of Corteva from $69.00 to $68.00 and set an "overweight" rating for the company in a research report on Friday, January 10th. Oppenheimer restated an "outperform" rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Bank of America raised their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Finally, Barclays boosted their target price on Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $66.24.

Corteva Price Performance

Shares of Corteva stock traded up $0.80 during trading on Wednesday, hitting $65.08. 398,686 shares of the company's stock traded hands, compared to its average volume of 2,755,967. The company has a market cap of $44.73 billion, a PE ratio of 65.73, a PEG ratio of 1.63 and a beta of 0.77. The firm's fifty day moving average price is $59.83 and its 200 day moving average price is $57.69. Corteva has a twelve month low of $45.46 and a twelve month high of $64.88. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva announced that its Board of Directors has approved a share repurchase 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 usually an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC raised its stake in Corteva by 1.2% during the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company's stock worth $759,000 after buying an additional 156 shares during the period. Roble Belko & Company Inc raised its position in shares of Corteva by 5.5% during the fourth quarter. Roble Belko & Company Inc now owns 3,166 shares of the company's stock worth $180,000 after purchasing an additional 166 shares during the period. Rovin Capital UT ADV lifted its holdings in shares of Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock valued at $754,000 after purchasing an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Corteva by 44.4% in the 3rd 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 period. Finally, Proffitt & Goodson Inc. increased its stake in Corteva by 2.2% during 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 in the last quarter. Institutional investors and hedge funds 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.

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