Corteva (NYSE:CTVA) Raised to “Buy” at Bank of America

Corteva (NYSE:CTVA) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Briefing.com reports. The firm currently has a $67.00 price target on the stock, up from their prior price target of $59.00. Bank of America‘s price target would indicate a potential upside of 16.91% from the stock’s previous close.

CTVA has been the subject of several other research reports. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp reduced their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Mizuho lowered their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Finally, Wells Fargo & Company dropped their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.21.

Corteva Price Performance

Shares of Corteva stock opened at $57.31 on Wednesday. The company has a market capitalization of $39.94 billion, a price-to-earnings ratio of 72.54, a PEG ratio of 1.66 and a beta of 0.77. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $55.89 and its 200-day simple moving average is $55.02. Corteva has a 52 week low of $43.22 and a 52 week high of $59.08.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share 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 business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the company posted $1.60 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts expect that Corteva will post 2.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corteva

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC raised its stake in shares of Corteva by 9.1% during the 3rd quarter. Asset Dedication LLC now owns 3,830 shares of the company’s stock worth $225,000 after acquiring an additional 321 shares in the last quarter. Swedbank AB increased its position in Corteva by 18.0% during the 3rd quarter. Swedbank AB now owns 457,877 shares of the company’s stock valued at $26,919,000 after buying an additional 69,782 shares in the last quarter. Hayek Kallen Investment Management purchased a new stake in shares of Corteva during the third quarter worth about $201,000. Creative Planning raised its position in shares of Corteva by 1.3% in the 3rd quarter. Creative Planning now owns 139,342 shares of the company’s stock valued at $8,192,000 after purchasing an additional 1,784 shares during the last quarter. Finally, CX Institutional purchased a new stake in Corteva during the 3rd quarter worth approximately $228,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

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.