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

Corteva (NYSE:CTVA) had its target price upped by research analysts at Royal Bank of Canada from $68.00 to $73.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 27.00% from the stock’s current price.

A number of other brokerages have also issued reports on CTVA. Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Citigroup cut their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, KeyCorp increased their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $65.41.

Corteva Price Performance

CTVA stock opened at $57.48 on Thursday. The stock has a market capitalization of $39.51 billion, a price-to-earnings ratio of 58.06, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva has a 52-week low of $44.01 and a 52-week high of $64.20. The stock’s fifty day simple moving average is $59.75 and its 200-day simple moving average is $56.33.

Corteva declared that its board has approved a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Corteva

Large investors have recently added to or reduced their stakes in the company. Rovin Capital UT ADV lifted its holdings in Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after buying an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares in the last quarter. Proffitt & Goodson Inc. boosted its holdings in Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after purchasing an additional 174 shares during the last quarter. 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 in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its holdings in Corteva by 0.4% during the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after purchasing an additional 203 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.