Citigroup Increases Corteva (NYSE:CTVA) Price Target to $74.00

Corteva (NYSE:CTVA) had its price target upped by Citigroup from $69.00 to $74.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 11.88% from the company’s current price.

Several other equities analysts have also recently commented on the company. Barclays upped their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Royal Bank of Canada upped their target price on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. KeyCorp dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Finally, Oppenheimer reiterated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.24.

Corteva Stock Performance

NYSE:CTVA opened at $66.15 on Wednesday. The firm’s 50-day moving average is $59.96 and its 200-day moving average is $57.74. The company has a market cap of $45.46 billion, a price-to-earnings ratio of 66.81, a PEG ratio of 1.63 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva has a 52-week low of $45.46 and a 52-week high of $66.24.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CTVA. Hager Investment Management Services LLC acquired a new position in shares of Corteva during the fourth quarter valued at $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the 4th quarter worth about $32,000. Capital Advisors Ltd. LLC lifted its position 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 purchasing an additional 174 shares during the period. First Financial Corp IN bought a new position in shares of Corteva in the 4th quarter valued at about $35,000. Finally, Albion Financial Group UT grew its position in shares of Corteva by 112.6% during the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after buying an additional 321 shares during the period. 81.54% of the stock is currently owned by 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.