Oppenheimer Cuts Corteva (NYSE:CTVA) Price Target to $75.00

Key Points

• Oppenheimer has reduced its price target for Corteva (NYSE:CTVA) from $87.00 to $75.00 while maintaining an "outperform" rating, suggesting a potential upside of 20.81% from the current stock price.
• Several analysts have issued varying ratings and price targets for Corteva, with an average price target of $79.94 and a consensus rating of "Moderate Buy."
• Corteva's stock saw a slight increase of 0.2% during trading, reaching $62.08, while the company reported stronger-than-expected earnings of $2.20 EPS for the previous quarter.

Corteva (NYSE:CTVA - Get Free Report) had its price objective reduced by equities research analysts at Oppenheimer from $87.00 to $75.00 in a research note issued on Wednesday,MarketScreener reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price target suggests a potential upside of 20.81% from the stock's current price.

Several other equities analysts have also recently issued reports on CTVA. UBS Group decreased their price objective on Corteva from $91.00 to $85.00 and set a "buy" rating for the company in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a report on Monday, September 15th. JPMorgan Chase & Co. raised Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 price objective for the company in a report on Thursday, October 2nd. Morgan Stanley set a $84.00 price objective on Corteva in a report on Monday, September 15th. Finally, KeyCorp reissued a "sector weight" rating on shares of Corteva in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and an average price target of $79.94.

Corteva Stock Up 0.2%

Shares of Corteva stock traded up $0.11 during trading on Wednesday, reaching $62.08. The company's stock had a trading volume of 101,024 shares, compared to its average volume of 4,006,164. The company has a 50-day simple moving average of $69.04 and a two-hundred day simple moving average of $68.97. Corteva has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company has a market cap of $42.16 billion, a price-to-earnings ratio of 30.28, a P/E/G ratio of 1.42 and a beta of 0.76.

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, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm's revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.83 EPS. As a group, equities analysts forecast that Corteva will post 2.96 earnings per share for the current year.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction that occurred on 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 sale, the executive vice president directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.15% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Peak Financial Advisors LLC acquired a new position in Corteva in the second quarter valued at approximately $505,000. Cary Street Partners Financial LLC lifted its holdings in Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock valued at $5,677,000 after acquiring an additional 15,448 shares during the last quarter. PGGM Investments lifted its holdings in Corteva by 68.5% in the second quarter. PGGM Investments now owns 1,223,444 shares of the company's stock valued at $91,183,000 after acquiring an additional 497,200 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Corteva by 28.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company's stock valued at $179,476,000 after acquiring an additional 634,938 shares during the last quarter. Finally, S.E.E.D. Planning Group LLC lifted its holdings in Corteva by 70.3% in the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company's stock valued at $12,252,000 after acquiring an additional 67,869 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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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