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

Corteva (NYSE:CTVA) had its price objective dropped by research analysts at UBS Group from $74.00 to $73.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s target price indicates a potential upside of 27.56% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. KeyCorp cut their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Oppenheimer reiterated an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Citigroup cut their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Finally, Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Stock Performance

Shares of NYSE CTVA traded up $0.08 during trading on Friday, hitting $57.23. The company had a trading volume of 2,699,429 shares, compared to its average volume of 2,618,952. 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 has a 12 month low of $44.01 and a 12 month high of $64.20. The stock has a 50 day simple moving average of $58.96 and a 200 day simple moving average of $56.76. The firm has a market capitalization of $39.33 billion, a P/E ratio of 57.81, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77.

Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Advisors Ltd. LLC grew its stake 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 during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in Corteva during the 2nd quarter valued at about $43,000. Bangor Savings Bank grew its stake in Corteva by 34.7% during 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 purchased a new stake in Corteva during the 3rd quarter valued at about $56,000. Finally, Pinnacle Bancorp Inc. grew its stake in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after purchasing an additional 199 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

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.