The Goldman Sachs Group Issues Pessimistic Forecast for Corteva (NYSE:CTVA) Stock Price

Key Points

• The Goldman Sachs Group has lowered its price target for Corteva (NYSE:CTVA) from $85.00 to $77.00, while maintaining a "buy" rating, suggesting a potential upside of 24.04% from its current price.
• Several analysts have adjusted their ratings, with JPMorgan Chase upgrading Corteva to "overweight" with a target price of $67.00, while Royal Bank of Canada and Mizuho have set targets of $80.00 and $78.00 respectively.
• Corteva reported strong earnings with earnings per share of $2.20 and revenue of $6.46 billion, exceeding analyst expectations and showing a year-over-year revenue increase of 5.6%.

Corteva (NYSE:CTVA - Get Free Report) had its price objective decreased by research analysts at The Goldman Sachs Group from $85.00 to $77.00 in a research report issued on Wednesday,MarketScreener reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 24.04% from the company's current price.

Several other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. raised shares of Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 target price on the stock in a report on Thursday, October 2nd. Royal Bank Of Canada lowered their target price on shares of Corteva from $86.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, October 17th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corteva from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Mizuho reduced their price target 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. Finally, Jefferies Financial Group reduced their price target on shares of Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $79.94.

Corteva Stock Performance

Corteva stock traded up $0.11 on Wednesday, hitting $62.08. The company's stock had a trading volume of 101,024 shares, compared to its average volume of 4,006,164. The firm has a market cap of $42.16 billion, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 1.42 and a beta of 0.76. 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 fifty day moving average price of $69.04 and a 200-day moving average price of $68.97. Corteva has a one year low of $53.40 and a one year high of $77.41.

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

Insider Transactions at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares of the company's stock, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Corteva

Hedge funds have recently made changes to their positions in the business. Gladwyn Financial Advisors Inc. bought a new position in shares of Corteva in the second quarter valued at $25,000. Total Investment Management Inc. bought a new position in shares of Corteva in the second quarter valued at $27,000. Curat Global LLC grew its stake in shares of Corteva by 93.7% in the second quarter. Curat Global LLC now owns 370 shares of the company's stock valued at $28,000 after buying an additional 179 shares in the last quarter. Maryland Capital Advisors Inc. bought a new position in shares of Corteva in the second quarter valued at $29,000. Finally, True Wealth Design LLC grew its stake in shares of Corteva by 209.5% in the third quarter. True Wealth Design LLC now owns 390 shares of the company's stock valued at $26,000 after buying an additional 264 shares in the last quarter. 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.

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.