Corteva (NYSE:CTVA) Cut to "Hold (C+)" at Weiss Ratings

Key Points

• Corteva has been downgraded by Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating, signaling a shift in analyst sentiment regarding the stock.
• Jefferies Financial Group and Mizuho also lowered their target prices for Corteva to $85.00 and $78.00, respectively, reflecting diminishing expectations for the company's stock performance.
• The company's stock is currently valued at $63.10, with a market capitalization of approximately $42.85 billion and displaying a 52-week price range between $53.40 and $77.41.

Corteva (NYSE:CTVA - Get Free Report) was downgraded by stock analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group reduced their target price on Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Mizuho lowered their target price on Corteva from $85.00 to $78.00 and set an "outperform" rating for the company in a research report on Wednesday. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 target price (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. Oppenheimer set a $87.00 target price on Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $80.13.

Corteva Stock Performance

Shares of NYSE CTVA traded down $2.51 during trading hours on Wednesday, reaching $63.10. 6,075,033 shares of the stock were exchanged, compared to its average volume of 5,834,938. The firm has a market capitalization of $42.85 billion, a price-to-earnings ratio of 30.78, a P/E/G ratio of 1.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva has a 52 week low of $53.40 and a 52 week high of $77.41. The stock's fifty day simple moving average is $70.75 and its 200 day simple moving average is $68.90.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.83 earnings per share. Sell-side analysts predict that Corteva will post 2.96 EPS for the current year.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction dated 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 completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Corteva

Hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen LLC bought a new stake in shares of Corteva in the 1st quarter worth approximately $640,333,000. Norges Bank bought a new stake in shares of Corteva in the 2nd quarter worth approximately $434,220,000. WCM Investment Management LLC raised its holdings in shares of Corteva by 29.6% in the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company's stock worth $672,836,000 after purchasing an additional 2,066,519 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Corteva by 4,769.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company's stock worth $143,427,000 after purchasing an additional 1,884,897 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after purchasing an additional 1,769,355 shares during the period. Hedge funds and other 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.

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