Corteva (NYSE:CTVA) Price Target Increased to $64.00 by Analysts at Royal Bank of Canada

Corteva (NYSE:CTVA) had its price target hoisted by equities researchers at Royal Bank of Canada from $62.00 to $64.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 11.27% from the company’s previous close.

CTVA has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft raised their price objective on Corteva from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Monday. Wolfe Research assumed coverage on shares of Corteva in a research report on Friday, March 1st. They issued an “outperform” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $57.00 target price (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. BMO Capital Markets increased their price target on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Mizuho boosted their price objective on Corteva from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average price target of $63.24.

Corteva Stock Performance

Shares of CTVA opened at $57.52 on Monday. The company has a market capitalization of $40.09 billion, a price-to-earnings ratio of 72.81, a PEG ratio of 1.50 and a beta of 0.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. Corteva has a 1 year low of $43.22 and a 1 year high of $59.04. The company’s 50 day simple moving average is $55.45 and its 200 day simple moving average is $50.74.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the firm posted $1.16 EPS. The company’s revenue was down 8.0% on a year-over-year basis. On average, sell-side analysts predict that Corteva will post 2.83 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. CVA Family Office LLC acquired a new stake in Corteva during the fourth quarter worth about $25,000. Redmont Wealth Advisors LLC acquired a new position in Corteva during the 1st quarter valued at approximately $25,000. BKM Wealth Management LLC bought a new position in Corteva during the 4th quarter worth $27,000. Rise Advisors LLC increased its position in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after buying an additional 454 shares during the period. Finally, NewSquare Capital LLC lifted its stake in Corteva by 70.6% in the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock valued at $28,000 after buying an additional 226 shares during the last quarter. 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.