Royal Bank of Canada Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target lifted by stock analysts at Royal Bank of Canada from $68.00 to $73.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 29.39% from the company’s previous close.

A number of other equities analysts also recently weighed in on CTVA. Wells Fargo & Company upped their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Bank of America increased their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, Citigroup cut their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.41.

Corteva Stock Up 0.0 %

Shares of NYSE CTVA traded up $0.01 during mid-day trading on Thursday, reaching $56.42. The company had a trading volume of 961,776 shares, compared to its average volume of 3,301,403. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market capitalization of $38.78 billion, a price-to-earnings ratio of 56.99, a PEG ratio of 1.94 and a beta of 0.77. The stock has a fifty day moving average of $59.74 and a two-hundred day moving average of $56.32. Corteva has a 12-month low of $44.01 and a 12-month high of $64.20.

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

Institutional Investors Weigh In On Corteva

Several large investors have recently modified their holdings of the stock. &PARTNERS increased its position in shares of Corteva by 238.2% during the 2nd quarter. &PARTNERS now owns 16,332 shares of the company’s stock worth $876,000 after purchasing an additional 11,503 shares in the last quarter. Diversified LLC acquired a new position in shares of Corteva in the 2nd quarter worth approximately $246,000. Premier Path Wealth Partners LLC grew its position in Corteva by 12.0% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 7,840 shares of the company’s stock worth $423,000 after acquiring an additional 837 shares during the last quarter. Family Firm Inc. bought a new position in shares of Corteva in the second quarter valued at about $97,000. Finally, LRI Investments LLC grew its holdings in Corteva by 293.1% during the 2nd quarter. LRI Investments LLC now owns 8,499 shares of the company’s stock worth $458,000 after acquiring an additional 6,337 shares during the last quarter. 81.54% of the stock is currently owned by 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.