Corteva (NYSE:CTVA) Upgraded to Strong-Buy at Zacks Research

Key Points

• Corteva has been upgraded to a "strong-buy" rating by Zacks Research, reflecting increased confidence in the company's future performance.
• Various analysts have set target prices for Corteva shares, ranging from $83.00 to $90.00, with an average consensus price target of $80.36.
• The company reported earnings of $2.20 per share for the last quarter, surpassing expectations and indicating a 5.6% revenue increase year-over-year.

Corteva (NYSE:CTVA - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms have also recently issued reports on CTVA. BMO Capital Markets set a $86.00 target price on Corteva in a report on Monday, September 15th. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research report on Friday, August 8th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.36.

Corteva Stock Performance

Shares of CTVA stock opened at $63.27 on Wednesday. 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 company has a market capitalization of $42.96 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 1.39 and a beta of 0.76. The company's 50 day moving average price is $71.44 and its two-hundred day moving average price is $68.84. Corteva has a 52 week low of $53.40 and a 52 week high of $77.41.

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

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the 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 sale, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Corteva

Institutional investors and hedge funds have recently modified their holdings of the company. Gladwyn Financial Advisors Inc. bought a new position in Corteva during the second quarter worth about $25,000. Total Investment Management Inc. acquired a new stake in shares of Corteva in the second quarter valued at approximately $27,000. Curat Global LLC boosted 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 worth $28,000 after acquiring an additional 179 shares during the period. Maryland Capital Advisors Inc. acquired a new position in shares of Corteva during the 2nd quarter worth approximately $29,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Corteva in the 2nd quarter valued at $29,000. 81.54% of the stock is owned by 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.

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