Wall Street Zen Downgrades Corteva (NYSE:CTVA) to Hold

Corteva (NYSE:CTVA) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other research firms also recently weighed in on CTVA. Wolfe Research lifted their target price on Corteva from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Argus lowered their price objective on Corteva from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 target price on the stock in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Corteva from $92.00 to $85.00 in a research note on Thursday, October 2nd. Sixteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.21.

Corteva Price Performance

NYSE CTVA opened at $67.80 on Friday. The company has a 50-day moving average price of $65.53 and a 200-day moving average price of $68.93. Corteva has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a quick ratio of 1.07, a current ratio of 1.58 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $45.81 billion, a P/E ratio of 28.97, a PEG ratio of 1.39 and a beta of 0.74.

Corteva (NYSE:CTVA) last announced its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the business posted ($0.49) earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that Corteva will post 2.96 earnings per share for the current year.

Institutional Trading of Corteva

Hedge funds have recently bought and sold shares of the stock. AIA Group Ltd boosted its position in shares of Corteva by 41.2% during the third quarter. AIA Group Ltd now owns 118,169 shares of the company’s stock valued at $7,992,000 after buying an additional 34,502 shares during the period. Allworth Financial LP lifted its stake in shares of Corteva by 5.2% during the 3rd quarter. Allworth Financial LP now owns 18,441 shares of the company’s stock worth $1,247,000 after acquiring an additional 918 shares during the last quarter. IFP Advisors Inc boosted its holdings in Corteva by 18.3% during the 3rd quarter. IFP Advisors Inc now owns 12,988 shares of the company’s stock valued at $878,000 after acquiring an additional 2,008 shares during the period. Swiss Life Asset Management Ltd grew its position in Corteva by 6.9% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 153,829 shares of the company’s stock valued at $10,403,000 after acquiring an additional 9,891 shares during the last quarter. Finally, Groupama Asset Managment bought a new position in Corteva in the 3rd quarter valued at $1,337,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.