Corteva (NYSE:CTVA) Now Covered by The Goldman Sachs Group

Analysts at The Goldman Sachs Group began coverage on shares of Corteva (NYSE:CTVA) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $71.00 price target on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 20.19% from the company’s previous close.

Several other brokerages have also recently issued reports on CTVA. Citigroup upped their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. UBS Group decreased their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Royal Bank of Canada upped their target price on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Oppenheimer upped their target price on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Corteva Stock Down 1.5 %

CTVA opened at $59.07 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The firm’s fifty day moving average is $61.84 and its 200 day moving average is $59.63. The stock has a market cap of $40.50 billion, a price-to-earnings ratio of 45.79, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, sell-side analysts forecast that Corteva will post 2.96 earnings per share for the current fiscal year.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Corteva

In related news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the transaction, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. This trade represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Corteva

Several institutional investors have recently bought and sold shares of the business. Chicago Partners Investment Group LLC boosted its stake in Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after acquiring an additional 156 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its stake in Corteva by 3.6% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock valued at $258,000 after acquiring an additional 157 shares in the last quarter. Beacon Capital Management LLC boosted its stake in Corteva by 13.4% in the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock valued at $76,000 after acquiring an additional 158 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Corteva by 3.7% in the fourth quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock valued at $257,000 after acquiring an additional 160 shares in the last quarter. Finally, Roble Belko & Company Inc boosted its stake in Corteva by 5.5% in the fourth quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock valued at $180,000 after acquiring an additional 166 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other 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.