Corteva (NYSE:CTVA) Stock Rating Upgraded by Barclays

Corteva (NYSE:CTVA) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $84.00 target price on the stock, up from their previous target price of $75.00. Barclays‘s price target would indicate a potential upside of 16.88% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. UBS Group lifted their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Corteva in a report on Monday. Wells Fargo & Company reiterated an “overweight” rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Finally, 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 report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.25.

Corteva Stock Performance

Shares of CTVA opened at $71.87 on Wednesday. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The stock has a market cap of $48.81 billion, a P/E ratio of 35.06, a PEG ratio of 1.66 and a beta of 0.75. The company has a 50-day moving average of $73.35 and a two-hundred day moving average of $66.74. Corteva has a 12-month low of $52.39 and a 12-month high of $77.41.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 earnings per share. As a group, research analysts predict that Corteva will post 2.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Corteva

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Corteva by 0.5% during the second quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock worth $5,976,436,000 after buying an additional 373,680 shares during the period. Geode Capital Management LLC grew its stake in Corteva by 1.4% during the second quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock worth $1,339,651,000 after buying an additional 251,693 shares during the period. Franklin Resources Inc. grew its stake in Corteva by 4.9% during the second quarter. Franklin Resources Inc. now owns 17,680,238 shares of the company’s stock worth $1,317,708,000 after buying an additional 824,451 shares during the period. Independent Franchise Partners LLP grew its stake in Corteva by 1.8% during the first quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock worth $1,056,299,000 after buying an additional 288,792 shares during the period. Finally, Capital World Investors grew its stake in 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 buying an additional 12,381,436 shares during the period. 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.