Corteva (NYSE:CTVA) Given New $80.00 Price Target at Wolfe Research

Corteva (NYSE:CTVA) had its price objective upped by research analysts at Wolfe Research from $79.00 to $80.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an “outperform” rating on the stock. Wolfe Research’s price target would suggest a potential upside of 24.91% from the stock’s previous close.

Several other research analysts have also weighed in on CTVA. Wells Fargo & Company lowered their target price on shares of Corteva from $83.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft dropped their price objective on Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday. Jefferies Financial Group decreased their target price on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Weiss Ratings cut Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, UBS Group decreased their price objective on shares of Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Fifteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.35.

Corteva Trading Up 1.4%

NYSE:CTVA opened at $64.05 on Thursday. Corteva has a 1 year low of $53.40 and a 1 year high of $77.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.23 and a current ratio of 1.58. The stock has a fifty day moving average price of $66.41 and a two-hundred day moving average price of $69.38. The stock has a market capitalization of $43.49 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.40 and a beta of 0.81.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.49) EPS. As a group, sell-side analysts anticipate that Corteva will post 2.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Corteva

Several institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Corteva in the 1st quarter worth about $640,333,000. Norges Bank purchased a new position in shares of Corteva during the 2nd quarter worth about $434,220,000. Pacer Advisors Inc. boosted its position in shares of Corteva by 4,007.1% in the third quarter. Pacer Advisors Inc. now owns 2,442,177 shares of the company’s stock worth $165,164,000 after acquiring an additional 2,382,715 shares during the last quarter. WCM Investment Management LLC boosted its position in shares of Corteva by 29.6% in the second quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock worth $672,836,000 after acquiring an additional 2,066,519 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Corteva by 4,769.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock valued at $143,427,000 after purchasing an additional 1,884,897 shares during the period. 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.