Corteva’s (CTVA) Outperform Rating Reiterated at Oppenheimer

Corteva (NYSE:CTVA)‘s stock had its “outperform” rating restated by research analysts at Oppenheimer in a report issued on Friday,Benzinga reports. They presently have a $70.00 price target on the stock, up from their prior price target of $69.00. Oppenheimer’s target price would indicate a potential upside of 17.92% from the company’s current price.

CTVA has been the topic of several other reports. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. UBS Group raised their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and upped their target price for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $63.26.

Corteva Trading Up 1.2 %

Shares of CTVA traded up $0.72 during trading hours on Friday, reaching $59.36. The stock had a trading volume of 751,439 shares, compared to its average volume of 3,252,161. The company has a market cap of $41.09 billion, a P/E ratio of 45.62, a P/E/G ratio of 1.76 and a beta of 0.77. Corteva has a 52 week low of $43.22 and a 52 week high of $63.75. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $58.14 and a 200 day moving average of $55.55.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.18). The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.69 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. On average, sell-side analysts expect that Corteva will post 2.66 earnings per share for the current fiscal year.

Institutional Trading of Corteva

Hedge funds have recently made changes to their positions in the business. Anomaly Capital Management LP bought a new stake in Corteva in the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. raised its holdings in Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after acquiring an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Corteva during the third quarter worth approximately $99,869,000. Bank of New York Mellon Corp increased its stake in shares of Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

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.