Corteva (NYSE:CTVA) Stock Rating Lowered by Wall Street Zen

Key Points

• Corteva's stock rating has been downgraded by Wall Street Zen from "buy" to "hold," reflecting changes in market sentiment regarding the company's outlook.
• Despite the downgrade, Corteva received a boost to its price objective from Deutsche Bank, increasing from $83.00 to $90.00, indicating some analysts still support the company.
• The company reported stronger-than-expected quarterly earnings with an EPS of $2.20, surpassing estimates and showing a 5.6% revenue increase year-over-year.

Corteva (NYSE:CTVA - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

CTVA has been the topic of several other reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Mizuho cut their price objective on shares of Corteva from $85.00 to $78.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 8th. Argus cut their price objective on shares of Corteva from $83.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, October 13th. KeyCorp reaffirmed a "sector weight" rating on shares of Corteva in a research report on Friday, October 3rd. Finally, Zacks Research raised shares of Corteva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Corteva presently has a consensus rating of "Moderate Buy" and an average target price of $80.31.

Corteva Trading Up 0.7%

CTVA opened at $61.45 on Friday. The firm's fifty day moving average is $69.44 and its two-hundred day moving average is $68.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market cap of $41.73 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 1.39 and a beta of 0.76. Corteva has a twelve month low of $53.40 and a twelve month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 EPS. Equities research analysts anticipate that Corteva will post 2.96 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Farmers & Merchants Investments Inc. grew its position in shares of Corteva by 10.8% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 3,928 shares of the company's stock valued at $266,000 after acquiring an additional 382 shares during the period. Fire Capital Management LLC grew its position in shares of Corteva by 2.2% in the 3rd quarter. Fire Capital Management LLC now owns 11,647 shares of the company's stock valued at $788,000 after acquiring an additional 254 shares during the period. Perigon Wealth Management LLC grew its position in shares of Corteva by 8.5% in the 3rd quarter. Perigon Wealth Management LLC now owns 15,160 shares of the company's stock valued at $1,025,000 after acquiring an additional 1,186 shares during the period. FSM Wealth Advisors LLC grew its position in shares of Corteva by 23.7% in the 3rd quarter. FSM Wealth Advisors LLC now owns 3,314 shares of the company's stock valued at $224,000 after acquiring an additional 636 shares during the period. Finally, Apella Capital LLC bought a new position in shares of Corteva in the 3rd quarter valued at about $517,000. Institutional investors own 81.54% of the company's stock.

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.

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