Corteva (NYSE:CTVA) Coverage Initiated at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group assumed coverage on shares of Corteva (NYSE:CTVA) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm set a “buy” rating and a $71.00 price target on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 18.53% from the stock’s current price.

A number of other analysts have also recently commented on CTVA. Royal Bank of Canada boosted their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Oppenheimer boosted their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays boosted their price target on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Bank of America boosted their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, KeyCorp boosted their price objective on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $68.00.

Corteva Stock Up 2.2 %

Shares of NYSE:CTVA opened at $59.90 on Thursday. Corteva has a 1 year low of $50.01 and a 1 year high of $66.24. The company has a market cap of $41.06 billion, a PE ratio of 46.43, a P/E/G ratio of 1.68 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The stock’s 50-day moving average is $61.96 and its 200 day moving average is $59.66.

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

Corteva announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Corteva

In other news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. The trade was a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Flagship Wealth Advisors LLC acquired a new position in Corteva during the fourth quarter valued at $25,000. Noble Wealth Management PBC acquired a new position in Corteva during the fourth quarter valued at $26,000. Pinney & Scofield Inc. acquired a new position in shares of Corteva in the fourth quarter worth about $27,000. Hager Investment Management Services LLC acquired a new position in shares of Corteva in the fourth quarter worth about $27,000. Finally, LGT Financial Advisors LLC acquired a new position in shares of Corteva in the fourth quarter worth about $31,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.