Wells Fargo & Company Increases Corteva (NYSE:CTVA) Price Target to $67.00

Corteva (NYSE:CTVA) had its price target hoisted by Wells Fargo & Company from $66.00 to $67.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 17.21% from the company’s previous close.

A number of other analysts also recently weighed in on CTVA. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $57.00 price target (down from $58.00) on shares of Corteva in a report on Friday, April 12th. TheStreet raised Corteva from a “c+” rating to a “b-” rating in a research note on Tuesday, February 27th. Barclays increased their price objective on shares of Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. BNP Paribas upgraded Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price objective for the company in a research note on Friday, February 2nd. Finally, KeyCorp increased their target price on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.38.

Corteva Stock Performance

Shares of CTVA traded up $0.18 during mid-day trading on Friday, reaching $57.16. The company’s stock had a trading volume of 2,977,563 shares, compared to its average volume of 2,761,026. Corteva has a 1-year low of $43.22 and a 1-year high of $60.57. The stock has a market cap of $39.95 billion, a P/E ratio of 72.35, a PEG ratio of 1.50 and a beta of 0.78. The business has a 50-day simple moving average of $55.37 and a two-hundred day simple moving average of $50.66. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts anticipate that Corteva will post 2.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Capital International Investors raised its stake in Corteva by 47.2% during the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after acquiring an additional 8,260,808 shares during the last quarter. Norges Bank purchased a new position in Corteva in the fourth quarter worth $265,298,000. Harris Associates L P purchased a new stake in Corteva during the third quarter worth about $246,423,000. Van ECK Associates Corp lifted its position in shares of Corteva by 78.7% during the 3rd quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after acquiring an additional 3,366,106 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Corteva by 29.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock worth $567,624,000 after purchasing an additional 2,545,570 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.