Corteva (NYSE:CTVA) Raised to Overweight at Barclays

Key Points

• Corteva has been upgraded from an "equal weight" to an "overweight" rating by Barclays, which has set a new target price of $84.00, indicating an 18.27% potential upside from its previous close.
• The company recently exceeded analysts' earnings expectations, reporting $2.20 earnings per share for the quarter, significantly higher than the consensus estimate of $1.89.
• Institutional investors own 81.54% of Corteva's stock, showing strong interest in the company as several firms have raised their target prices and ratings.

Corteva (NYSE:CTVA - Get Free Report) was upgraded by equities research analysts at Barclays from an "equal weight" rating to an "overweight" rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $84.00 target price on the stock, up from their previous target price of $75.00. Barclays's target price would indicate a potential upside of 17.09% from the company's previous close.

CTVA has been the topic of several other research reports. Citigroup raised their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Wells Fargo & Company restated an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a report on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Finally, UBS Group raised their price target on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Price Performance

NYSE CTVA traded down $0.13 on Wednesday, reaching $71.74. 2,649,620 shares of the company's stock traded hands, compared to its average volume of 4,202,978. Corteva has a 12 month low of $52.59 and a 12 month high of $77.41. 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 stock has a 50-day simple moving average of $73.35 and a 200 day simple moving average of $66.80. The stock has a market cap of $48.72 billion, a PE ratio of 35.00, a P/E/G ratio of 1.64 and a beta of 0.75.

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

Institutional Investors Weigh In On Corteva

Large investors have recently bought and sold shares of the business. Gladwyn Financial Advisors Inc. bought a new stake in Corteva in the 2nd quarter worth about $25,000. Pinney & Scofield Inc. bought a new stake in shares of Corteva during the 4th quarter valued at about $27,000. Curat Global LLC grew its stake in shares of Corteva by 93.7% during the 2nd quarter. Curat Global LLC now owns 370 shares of the company's stock valued at $28,000 after purchasing an additional 179 shares during the period. Maryland Capital Advisors Inc. bought a new stake in shares of Corteva during the 2nd quarter valued at about $29,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Corteva during the 2nd quarter valued at about $29,000. 81.54% of the stock is currently owned by institutional investors.

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.