KeyCorp Lowers Corteva (NYSE:CTVA) Price Target to $68.00

Corteva (NYSE:CTVA) had its target price reduced by KeyCorp from $69.00 to $68.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 19.21% from the stock’s current price.

CTVA has been the subject of a number of other research reports. Citigroup decreased their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada boosted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Down 0.2 %

Shares of NYSE:CTVA opened at $57.04 on Friday. The stock has a market cap of $39.20 billion, a price-to-earnings ratio of 57.62, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a 50 day moving average of $58.88 and a 200-day moving average of $56.82. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a one year low of $44.01 and a one year high of $64.20.

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

Institutional Trading of Corteva

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC raised its position 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 acquiring an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in Corteva during the second quarter worth $43,000. Bangor Savings Bank raised its position in Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Corteva during the third quarter worth $56,000. Finally, Pinnacle Bancorp Inc. raised its position in Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares in the last quarter. 81.54% of the stock is 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.