Royal Bank of Canada Issues Pessimistic Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its price objective cut by equities researchers at Royal Bank of Canada from $69.00 to $68.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 19.03% from the company’s previous close.

A number of other brokerages have also weighed in on CTVA. Wells Fargo & Company lowered their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup started coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Oppenheimer restated 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.68.

Corteva Stock Down 2.4 %

Shares of NYSE CTVA opened at $57.13 on Monday. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a market cap of $39.55 billion, a price-to-earnings ratio of 57.71, a price-to-earnings-growth ratio of 1.72 and a beta of 0.77. Corteva has a 12-month low of $43.22 and a 12-month high of $63.75. The firm’s 50-day simple moving average is $58.22 and its 200 day simple moving average is $55.62.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter worth $25,000. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% in 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 last quarter. Cultivar Capital Inc. acquired a new stake in Corteva in the 2nd quarter valued at about $34,000. Redwood Wealth Management Group LLC acquired a new position in Corteva during the second quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC bought a new stake in Corteva in the second quarter valued at approximately $45,000. 81.54% of the stock is currently owned by 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.