Wells Fargo & Company Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price objective upped by equities research analysts at Wells Fargo & Company from $67.00 to $73.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 12.20% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Citigroup cut their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. KeyCorp cut their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Oppenheimer reissued an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, Royal Bank of Canada lifted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.24.

Corteva Stock Up 1.2 %

CTVA stock opened at $65.06 on Tuesday. The firm has a fifty day moving average price of $59.83 and a two-hundred day moving average price of $57.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a 1-year low of $45.46 and a 1-year high of $65.44. The firm has a market cap of $44.72 billion, a price-to-earnings ratio of 65.72, a PEG ratio of 1.63 and a beta of 0.77.

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

Institutional Trading of Corteva

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hager Investment Management Services LLC acquired a new position in Corteva in the fourth quarter worth approximately $27,000. Golden State Wealth Management LLC acquired a new position in shares of Corteva in the 4th quarter worth $32,000. Capital Advisors Ltd. LLC raised its position in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN purchased a new stake in shares of Corteva during the fourth quarter valued at $35,000. Finally, Albion Financial Group UT boosted its position in shares of Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after purchasing an additional 321 shares during the period. 81.54% of the stock is currently owned by 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.