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

Corteva (NYSE:CTVA - Get Free Report) had its target price raised by Oppenheimer from $70.00 to $72.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price objective suggests a potential upside of 14.35% from the company's current price.

Several other research firms have also commented on CTVA. Barclays increased their price objective 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. Royal Bank of Canada increased 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. 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 report on Wednesday, November 20th. Citigroup increased their price objective on shares of Corteva from $69.00 to $74.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Finally, UBS Group reduced their target price 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $67.56.

Corteva Price Performance

Shares of NYSE:CTVA traded up $0.76 during midday trading on Friday, reaching $62.97. 2,235,174 shares of the company were exchanged, compared to its average volume of 3,723,949. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The business's fifty day moving average is $60.22 and its two-hundred day moving average is $58.30. Corteva has a one year low of $50.01 and a one year high of $66.24. The stock has a market cap of $43.28 billion, a PE ratio of 48.81, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last issued its earnings results 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 7.19% and a net margin of 5.36%. As a group, analysts predict that Corteva will post 2.83 earnings per share for the current year.

Corteva announced that its board has approved a share repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Trading of Corteva

Institutional investors have recently bought and sold shares of the stock. LPL Financial LLC increased its holdings in shares of Corteva by 24.1% during the 4th quarter. LPL Financial LLC now owns 667,511 shares of the company's stock valued at $38,021,000 after purchasing an additional 129,836 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Corteva in the 4th quarter worth $13,327,000. Sei Investments Co. grew its holdings in shares of Corteva by 0.9% during the fourth quarter. Sei Investments Co. now owns 1,492,917 shares of the company's stock worth $85,036,000 after buying an additional 13,295 shares in the last quarter. American Century Companies Inc. raised its position in shares of Corteva by 4.8% in the fourth quarter. American Century Companies Inc. now owns 131,538 shares of the company's stock valued at $7,492,000 after buying an additional 6,040 shares during the last quarter. Finally, Mizuho Securities USA LLC raised its position in shares of Corteva by 45.1% in the fourth quarter. Mizuho Securities USA LLC now owns 65,140 shares of the company's stock valued at $3,710,000 after buying an additional 20,251 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.