UBS Group Issues Pessimistic Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVAGet Free Report) had its target price dropped by investment analysts at UBS Group from $74.00 to $73.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 27.98% from the company’s current price.

A number of other research analysts have also commented on CTVA. Barclays upped their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Citigroup reduced their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Bank of America boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Wells Fargo & Company increased their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

Check Out Our Latest Stock Report on Corteva

Corteva Trading Down 0.2 %

Corteva stock opened at $57.04 on Friday. The business’s 50-day simple moving average is $58.88 and its 200-day simple moving average is $56.82. Corteva has a 52 week low of $44.01 and a 52 week high of $64.20. The firm has a market capitalization of $39.20 billion, a PE ratio of 57.62, a PEG ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

A number of large investors have recently modified their holdings of CTVA. Capital Advisors Ltd. LLC lifted its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in Corteva during the 2nd quarter valued at about $43,000. Bangor Savings Bank boosted its stake in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Corteva during the 3rd quarter valued at $56,000. Finally, Pinnacle Bancorp Inc. grew its stake in shares of Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Company Profile

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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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