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

Corteva (NYSE:CTVA) had its price objective reduced by equities research analysts at KeyCorp from $69.00 to $68.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target would indicate a potential upside of 20.57% from the company’s previous close.

Other analysts have also issued reports about the stock. Wells Fargo & Company upped their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. 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 report on Thursday, December 19th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus price target of $65.35.

Corteva Stock Down 1.3 %

Shares of NYSE:CTVA opened at $56.40 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $58.96 and its 200 day moving average is $56.76. The stock has a market cap of $38.76 billion, a P/E ratio of 56.97, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva has a 52-week low of $44.01 and a 52-week high of $64.20.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits 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 stock is undervalued.

Institutional Trading of Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its position in shares of Corteva by 4.6% during the 2nd quarter. Victory Capital Management Inc. now owns 366,986 shares of the company’s stock worth $19,795,000 after acquiring an additional 16,268 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Corteva by 4,322.2% in the 2nd quarter. Acadian Asset Management LLC now owns 19,679 shares of the company’s stock valued at $1,060,000 after buying an additional 19,234 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Corteva in the 2nd quarter valued at $134,000. Choreo LLC raised its stake in Corteva by 194.7% during the 2nd quarter. Choreo LLC now owns 22,896 shares of the company’s stock worth $1,216,000 after acquiring an additional 15,126 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its stake in Corteva by 2.2% in the second quarter. Royal London Asset Management Ltd. now owns 284,544 shares of the company’s stock valued at $15,348,000 after acquiring an additional 6,092 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.