Corteva (NYSE:CTVA) Now Covered by Citigroup

Equities research analysts at Citigroup initiated coverage on shares of Corteva (NYSE:CTVA) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm set a “buy” rating and a $68.00 price target on the stock. Citigroup’s price objective would suggest a potential upside of 11.86% from the company’s current price.

Several other research firms also recently commented on CTVA. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and increased their price objective for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company decreased their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average target price of $62.84.

Corteva Price Performance

Shares of NYSE CTVA opened at $60.79 on Wednesday. The firm has a market cap of $42.37 billion, a price-to-earnings ratio of 76.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. The company’s 50-day simple moving average is $56.84 and its 200-day simple moving average is $55.13. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. Corteva has a 52-week low of $43.22 and a 52-week high of $61.20.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the previous year, the firm posted $1.60 EPS. Corteva’s revenue was up 1.1% compared to the same quarter last year. Equities analysts predict that Corteva will post 2.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its stake in Corteva by 0.4% during the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after purchasing an additional 845 shares in the last quarter. TCI Wealth Advisors Inc. purchased a new stake in shares of Corteva in the 3rd quarter valued at $205,000. Custom Index Systems LLC acquired a new position in Corteva during the 3rd quarter worth about $427,000. Capital Advisors Ltd. LLC boosted its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the period. Finally, TCV Trust & Wealth Management Inc. acquired a new position in Corteva in the 3rd quarter valued at about $205,000. 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.