Wells Fargo & Company Raises Corteva (NYSE:CTVA) Price Target to $67.00

Corteva (NYSE:CTVA) had its target price increased by equities research analysts at Wells Fargo & Company from $65.00 to $67.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 9.98% from the stock’s previous close.

CTVA has been the topic of several other reports. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Barclays upped their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada decreased their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $64.26.

Corteva Trading Up 3.7 %

NYSE:CTVA opened at $60.92 on Wednesday. The company has a 50-day moving average price of $58.59 and a 200-day moving average price of $55.75. The stock has a market cap of $41.87 billion, a price-to-earnings ratio of 61.54, a P/E/G ratio of 1.87 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva has a 12 month low of $43.89 and a 12 month high of $63.75.

Corteva announced that its board has approved 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new stake in shares of Corteva in the 1st quarter worth $25,000. Covestor Ltd raised its stake in shares of Corteva by 370.7% in the first quarter. Covestor Ltd now owns 1,544 shares of the company’s stock worth $89,000 after buying an additional 1,216 shares during the period. Lake Street Advisors Group LLC purchased a new position in shares of Corteva during the 1st quarter valued at about $227,000. Pitcairn Co. grew its stake in shares of Corteva by 5.7% during the 1st quarter. Pitcairn Co. now owns 5,211 shares of the company’s stock valued at $301,000 after acquiring an additional 280 shares during the period. Finally, Crewe Advisors LLC purchased a new stake in Corteva in the 1st quarter worth approximately $72,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

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.