Royal Bank of Canada Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target lifted by investment analysts at Royal Bank of Canada from $68.00 to $73.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 27.00% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. KeyCorp boosted their price target on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Wells Fargo & Company boosted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Citigroup reduced their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday. UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating 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 given a buy rating to the company. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.41.

Corteva Stock Performance

Shares of CTVA stock opened at $57.48 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a market capitalization of $39.51 billion, a price-to-earnings ratio of 58.06, a PEG ratio of 1.94 and a beta of 0.77. Corteva has a one year low of $44.01 and a one year high of $64.20. The company’s 50-day simple moving average is $59.75 and its 200-day simple moving average is $56.33.

Corteva declared that its board has approved a stock buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Corteva

Institutional investors have recently made changes to their positions in the stock. Capital Advisors Ltd. LLC raised its holdings in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Corteva during the 2nd quarter valued at $43,000. Chilton Capital Management LLC raised its stake in shares of Corteva by 354.7% in the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock worth $52,000 after buying an additional 759 shares in the last quarter. Bangor Savings Bank boosted its stake in Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after buying an additional 241 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Corteva during the third quarter worth about $56,000. 81.54% of the stock is owned by institutional investors and hedge funds.

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.