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

Corteva (NYSE:CTVA) had its price objective raised by investment analysts at Wells Fargo & Company from $65.00 to $67.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 9.98% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Oppenheimer reiterated 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. UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. KeyCorp cut their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $64.26.

Corteva Price Performance

Shares of CTVA opened at $60.92 on Wednesday. Corteva has a 12-month low of $43.89 and a 12-month high of $63.75. The stock has a market cap of $41.87 billion, a P/E ratio of 61.54, a P/E/G ratio of 1.87 and a beta of 0.77. The business’s fifty day moving average is $58.59 and its 200 day moving average is $55.75. 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 declared that its board has approved a stock buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in shares of Corteva in the 1st quarter worth $25,000. Capital Advisors Ltd. LLC raised its position in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Corteva during the second quarter worth about $34,000. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva in the 2nd quarter worth about $43,000. Finally, Triad Wealth Partners LLC bought a new position in shares of Corteva during the 2nd quarter valued at about $45,000. 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.