Oppenheimer Increases Corteva (NYSE:CTVA) Price Target to $69.00

Corteva (NYSE:CTVA) had its price target upped by equities researchers at Oppenheimer from $67.00 to $69.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective indicates a potential upside of 20.71% from the company’s previous close.

Several other research firms also recently commented on CTVA. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 price objective (down from $58.00) on shares of Corteva in a report on Friday, April 12th. TheStreet upgraded Corteva from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. KeyCorp upped their target price on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. UBS Group dropped their price target on Corteva from $65.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Finally, BNP Paribas raised Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price objective on the stock in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.38.

Corteva Price Performance

Shares of NYSE CTVA opened at $57.16 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.90. The business has a 50-day moving average of $55.37 and a 200-day moving average of $50.66. The stock has a market capitalization of $39.95 billion, a price-to-earnings ratio of 72.35, a PEG ratio of 1.50 and a beta of 0.78. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $60.57.

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

Institutional Investors Weigh In On Corteva

Large investors have recently modified their holdings of the company. Stratos Wealth Partners LTD. increased its holdings in Corteva by 14.6% in the third quarter. Stratos Wealth Partners LTD. now owns 11,791 shares of the company’s stock worth $603,000 after purchasing an additional 1,506 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Corteva by 9.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,932,869 shares of the company’s stock valued at $354,686,000 after acquiring an additional 585,063 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Corteva by 1.5% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 344,500 shares of the company’s stock valued at $17,625,000 after acquiring an additional 5,100 shares during the period. Forsta AP Fonden boosted its stake in Corteva by 5.1% during the third quarter. Forsta AP Fonden now owns 141,800 shares of the company’s stock worth $7,254,000 after acquiring an additional 6,900 shares in the last quarter. Finally, Northstar Asset Management LLC grew its holdings in Corteva by 10.0% in the third quarter. Northstar Asset Management LLC now owns 6,320 shares of the company’s stock worth $323,000 after purchasing an additional 575 shares during the period. 81.54% of the stock is currently 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.