Corteva (NYSE:CTVA) Earns “Overweight” Rating from Morgan Stanley

Corteva (NYSE:CTVA)‘s stock had its “overweight” rating reiterated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $65.00 target price on the stock. Morgan Stanley’s target price indicates a potential upside of 12.73% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Mizuho reduced their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. KeyCorp dropped their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $65.00 target price on shares of Corteva in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.94.

Corteva Stock Performance

CTVA stock traded down $0.34 during mid-day trading on Tuesday, hitting $57.66. The company had a trading volume of 2,574,437 shares, compared to its average volume of 3,337,404. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a market cap of $40.19 billion, a PE ratio of 73.03, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. Corteva has a 12 month low of $43.22 and a 12 month high of $58.92. The stock’s fifty day moving average price is $54.78 and its two-hundred day moving average price is $54.80.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.60 EPS. On average, analysts forecast that Corteva will post 2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital International Investors raised its holdings in Corteva by 2.6% during the first quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock valued at $1,524,648,000 after acquiring an additional 678,722 shares during the period. Northern Trust Corp boosted its stake in Corteva by 2.5% in the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock worth $614,133,000 after purchasing an additional 310,012 shares during the period. Van ECK Associates Corp grew its holdings in Corteva by 7.2% during the 1st quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock valued at $527,409,000 after buying an additional 617,030 shares in the last quarter. Harris Associates L P raised its position in shares of Corteva by 87.1% during the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after buying an additional 4,194,981 shares during the last quarter. Finally, Putnam Investments LLC lifted its holdings in shares of Corteva by 12.9% in the fourth quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock worth $428,902,000 after buying an additional 1,021,733 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other 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.