UBS Group Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Key Points

• UBS Group has increased its price target for Corteva (NYSE: CTVA) from $90.00 to $91.00, indicating a potential upside of 28.24% from its previous close.
• Multiple analysts, including Morgan Stanley and Barclays, have recently raised their price targets for Corteva, reflecting strong market confidence with an average rating of "Moderate Buy".
• Corteva reported impressive earnings of $2.20 per share for the last quarter, surpassing analyst expectations and showcasing a revenue increase of 5.6% compared to the previous year.

Corteva (NYSE:CTVA - Get Free Report) had its price target upped by research analysts at UBS Group from $90.00 to $91.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's target price would suggest a potential upside of 28.24% from the stock's previous close.

Several other equities research analysts have also commented on CTVA. Morgan Stanley raised their price target on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Barclays lifted their price objective on shares of Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, July 7th. Wells Fargo & Company lifted their price target on shares of Corteva from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. BMO Capital Markets boosted their target price on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Corteva has an average rating of "Moderate Buy" and an average price target of $79.33.

Corteva Trading Down 0.3%

Shares of NYSE CTVA traded down $0.21 during midday trading on Thursday, hitting $70.96. The company's stock had a trading volume of 3,052,058 shares, compared to its average volume of 3,751,006. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The firm has a market cap of $48.41 billion, a P/E ratio of 43.25, a price-to-earnings-growth ratio of 1.75 and a beta of 0.75. The business's 50 day moving average is $73.27 and its two-hundred day moving average is $66.40. Corteva has a 12-month low of $50.78 and a 12-month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The business had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period in the previous year, the firm posted $1.83 EPS. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Corteva will post 2.96 EPS for the current year.

Institutional Trading of Corteva

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after purchasing an additional 639,799 shares during the period. Independent Franchise Partners LLP raised its holdings in Corteva by 1.8% in the 1st quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company's stock valued at $1,056,299,000 after acquiring an additional 288,792 shares in the last quarter. Capital World Investors boosted its position in Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after buying an additional 12,381,436 shares during the last quarter. Northern Trust Corp lifted its holdings in Corteva by 1.0% during the first quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock worth $740,041,000 after acquiring an additional 110,865 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Corteva during the first quarter worth approximately $640,333,000. Institutional investors and hedge funds 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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