Wells Fargo & Company Lowers Corteva (NYSE:CTVA) Price Target to $65.00

Corteva (NYSE:CTVA) had its target price lowered by analysts at Wells Fargo & Company from $67.00 to $65.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 26.07% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. OTR Global restated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Barclays raised their target price 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. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 price target on shares of Corteva in a research note on Wednesday, June 12th. Finally, Mizuho decreased their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.70.

Corteva Price Performance

Shares of CTVA stock traded down $1.44 during trading on Friday, hitting $51.56. The company had a trading volume of 1,716,931 shares, compared to its average volume of 3,414,174. Corteva has a one year low of $43.22 and a one year high of $58.76. The firm has a market capitalization of $35.94 billion, a P/E ratio of 65.27, a price-to-earnings-growth ratio of 1.52 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. The stock’s 50-day moving average price is $53.56 and its 200 day moving average price is $53.82.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.31%. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the prior year, the business posted $1.60 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities analysts expect that Corteva will post 2.78 EPS for the current fiscal year.

Insider Activity at Corteva

In other news, insider Brian Titus sold 12,134 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the transaction, the insider now owns 13,495 shares in the company, valued at $764,491.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the transaction, the senior vice president now owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the transaction, the insider now directly owns 13,495 shares in the company, valued at approximately $764,491.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,556 shares of company stock valued at $4,795,016. Insiders own 0.14% of the company’s stock.

Institutional Trading of Corteva

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital International Investors grew its stake in Corteva by 47.2% during the fourth 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 in the last quarter. Norges Bank bought a new stake in shares of Corteva in the 4th quarter valued at about $265,298,000. Harris Associates L P grew its position in shares of Corteva by 87.1% in the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after buying an additional 4,194,981 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares during the last quarter. Finally, Glenview Capital Management LLC grew its position in Corteva by 116.6% during the 4th quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock worth $225,163,000 after purchasing an additional 2,529,539 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

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.