Corteva (NYSE:CTVA) Price Target Cut to $80.00 by Analysts at Argus

Key Points

• Argus has reduced its price target for Corteva from $83.00 to $80.00, while maintaining a "buy" rating, indicating a potential upside of 29.24% from the stock's current price.
• Corteva has an average rating of "Moderate Buy" and an average target price of $80.81, supported by multiple analysts' ratings, including one "Strong Buy" and several "Buy" ratings.
• The company's latest earnings report showed a **5.6% year-over-year increase** in revenue to $6.46 billion, surpassing analysts' expectations, with **EPS of $2.20** that exceeded the consensus estimate by $0.31.

Corteva (NYSE:CTVA - Get Free Report) had its price target lowered by investment analysts at Argus from $83.00 to $80.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Argus' price objective would indicate a potential upside of 29.24% from the stock's current price.

Several other research analysts have also recently commented on the company. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Zacks Research raised Corteva from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. Mizuho decreased their price target on Corteva from $85.00 to $78.00 and set an "outperform" rating for the company in a report on Wednesday. Weiss Ratings downgraded Corteva from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. 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 stock. According to MarketBeat, Corteva currently has an average rating of "Moderate Buy" and an average target price of $80.81.

Corteva Trading Down 1.4%

CTVA opened at $61.90 on Monday. Corteva has a 12 month low of $53.40 and a 12 month high of $77.41. The stock has a market capitalization of $42.04 billion, a price-to-earnings ratio of 30.20, a PEG ratio of 1.40 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The business has a fifty day moving average price of $70.38 and a 200 day moving average price of $68.99.

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

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company's stock, 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 this link. Insiders own 0.14% of the company's stock.

Institutional Trading of Corteva

Several institutional investors and hedge funds have recently made changes to their positions in CTVA. Brighton Jones LLC raised its stake in Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after acquiring an additional 11,760 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Corteva by 13.9% during the 1st quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after acquiring an additional 536 shares during the last quarter. GAMMA Investing LLC raised its stake in Corteva by 15.0% during the 1st quarter. GAMMA Investing LLC now owns 15,061 shares of the company's stock valued at $948,000 after acquiring an additional 1,962 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Corteva by 5.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 136,128 shares of the company's stock valued at $8,567,000 after acquiring an additional 6,814 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in Corteva during the 1st quarter valued at approximately $2,007,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.