Citigroup Has Lowered Expectations for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its target price lowered by stock analysts at Citigroup from $13.65 to $10.30 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s price objective suggests a potential upside of 9.40% from the company’s current price.

A number of other research analysts have also recently weighed in on CTVA. Morgan Stanley restated an “overweight” rating and set a $18.00 target price on shares of Corteva in a research note on Friday, October 2nd. Deutsche Bank restated a “buy” rating and issued a $101.00 price objective on shares of Corteva in a research report on Monday, August 3rd. Oppenheimer lowered Corteva from an “outperform” rating to a “market perform” rating in a research note on Friday. BMO Capital Markets set a $15.00 price objective on Corteva in a research note on Friday, October 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $20.00 target price on shares of Corteva in a research report on Thursday, October 8th. Fifteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.60.

Corteva Price Performance

Shares of CTVA traded up $0.23 during mid-day trading on Friday, reaching $9.41. The stock had a trading volume of 28,888,260 shares, compared to its average volume of 21,957,566. The business has a fifty day moving average of $37.22 and a 200 day moving average of $69.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.10 and a current ratio of 1.56. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 4.96, a PEG ratio of 1.72 and a beta of 0.58. Corteva has a 12 month low of $9.01 and a 12 month high of $90.97.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Corteva during the second quarter valued at approximately $4,560,180,000. Wellington Management Group LLP grew its holdings in Corteva by 941.7% during the 2nd quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock valued at $644,720,000 after buying an additional 6,881,875 shares in the last quarter. Royal Bank of Canada increased its stake in Corteva by 202.1% in the 1st quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock worth $624,362,000 after acquiring an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC bought a new stake in Corteva in the 2nd quarter worth approximately $544,246,000. Finally, Bank of America Corp DE purchased a new stake in shares of Corteva during the 2nd quarter worth approximately $484,927,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Corteva

These are some of the CTVA headlines that stood out recently:

• Positive Sentiment: Corteva pointed to new products and cost-cutting efforts as supports for a potential recovery, though these measures have not offset near-term weakness. Corteva Q3 Earnings Call Highlights Brazil Woes and Outlook Cut
• Negative Sentiment: The earnings miss and lowered full-year outlook are the key near-term headwinds, with Brazil weakness and competitive pricing hurting results. Reuters report on Brazil weakness and forecast cut
• Negative Sentiment: Law firms announced investigations into potential securities-law violations related to company disclosures. These are allegations under investigation, not findings of wrongdoing, but may add uncertainty for investors. Law firm investigation announcement

Corteva Company Profile

Corteva, Inc. is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases. Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva’s crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.