Wells Fargo & Company Boosts Corteva (NYSE:CTVA) Price Target to $79.00

Corteva (NYSE:CTVA - Get Free Report) had its price objective raised by research analysts at Wells Fargo & Company from $73.00 to $79.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 16.70% from the stock's current price.

A number of other brokerages also recently commented on CTVA. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 21st. Royal Bank of Canada boosted their target price on shares of Corteva from $72.00 to $73.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. BNP Paribas upgraded shares of Corteva to a "hold" rating in a research note on Monday, February 10th. Oppenheimer restated an "outperform" rating and set a $75.00 price target (up previously from $72.00) on shares of Corteva in a research report on Friday. Finally, Bank of America increased their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $70.07.

Corteva Stock Performance

Shares of CTVA stock traded down $0.09 during trading hours on Monday, reaching $67.70. The stock had a trading volume of 1,597,067 shares, compared to its average volume of 3,575,994. Corteva has a twelve month low of $50.01 and a twelve month high of $69.28. The firm has a 50-day simple moving average of $60.87 and a 200-day simple moving average of $60.74. The firm has a market capitalization of $46.24 billion, a PE ratio of 52.49, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.25. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. Corteva's revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.89 earnings per share. As a group, equities analysts forecast that Corteva will post 2.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the transaction, the insider now directly owns 11,347 shares of the company's stock, valued at $723,257.78. The trade was a 70.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Corteva

Large investors have recently made changes to their positions in the company. Capital World Investors lifted its holdings in shares of Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after purchasing an additional 12,381,436 shares during the period. Independent Franchise Partners LLP lifted its holdings in Corteva by 51.5% in the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock valued at $939,641,000 after acquiring an additional 5,604,838 shares during the period. Norges Bank acquired a new stake in Corteva in the fourth quarter valued at $251,892,000. Raymond James Financial Inc. purchased a new stake in Corteva during the 4th quarter worth about $161,052,000. Finally, JPMorgan Chase & Co. increased its position in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after purchasing an additional 1,769,355 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.

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