UBS Group Issues Pessimistic Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its target price decreased by equities research analysts at UBS Group from $74.00 to $73.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 27.56% from the stock’s current price.

Several other brokerages have also recently issued reports on CTVA. Wells Fargo & Company boosted their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Royal Bank of Canada upped their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Bank of America upped their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Performance

Shares of CTVA stock traded up $0.08 on Friday, hitting $57.23. The company had a trading volume of 2,699,429 shares, compared to its average volume of 2,618,952. The firm has a market cap of $39.33 billion, a P/E ratio of 57.81, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. The company has a 50-day moving average price of $58.96 and a 200-day moving average price of $56.76. 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 twelve month low of $44.01 and a twelve month high of $64.20.

Corteva declared that its Board of Directors has authorized a stock repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Rovin Capital UT ADV raised its stake in shares of Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after acquiring an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC raised 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 valued at $33,000 after acquiring an additional 174 shares in the last quarter. Proffitt & Goodson Inc. raised its stake in shares of 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 acquiring an additional 174 shares in the last quarter. Pinnacle Bancorp Inc. raised its stake in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after acquiring an additional 199 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Corteva by 1.0% in the fourth quarter. Diversified Trust Co now owns 21,449 shares of the company’s stock valued at $1,222,000 after acquiring an additional 210 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.