Corteva (NYSE:CTVA) Given New $69.00 Price Target at Citigroup

Corteva (NYSE:CTVA) had its price target reduced by equities researchers at Citigroup from $70.00 to $69.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 17.33% from the company’s current price.

CTVA has been the subject of several other research reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. KeyCorp raised their price target on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada reduced their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Wells Fargo & Company increased their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.12.

Corteva Stock Up 0.4 %

CTVA traded up $0.24 during midday trading on Wednesday, reaching $58.81. The company’s stock had a trading volume of 274,692 shares, compared to its average volume of 3,294,699. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $40.42 billion, a price-to-earnings ratio of 59.40, a PEG ratio of 1.94 and a beta of 0.77. The stock’s 50-day moving average is $59.74 and its 200-day moving average is $56.31. Corteva has a 1 year low of $44.01 and a 1 year high of $64.20.

Corteva announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Rovin Capital UT ADV increased its holdings in shares of Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after purchasing an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC increased its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. Proffitt & Goodson Inc. grew its holdings in shares of Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after purchasing an additional 174 shares in the last quarter. Pinnacle Bancorp Inc. increased its holdings in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after buying an additional 199 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its holdings in shares of Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

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.