Corteva (NYSE:CTVA – Get Rating) had its target price boosted by Deutsche Bank Aktiengesellschaft from $68.00 to $75.00 in a research report released on Thursday, The Fly reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.
Other equities research analysts also recently issued research reports about the company. UBS Group reduced their target price on Corteva from $68.00 to $64.00 in a report on Wednesday, July 13th. JPMorgan Chase & Co. raised Corteva from a neutral rating to an overweight rating and lifted their price target for the stock from $58.00 to $63.00 in a research note on Monday, August 8th. Credit Suisse Group lifted their price objective on Corteva to $72.00 in a research report on Tuesday, August 9th. KeyCorp lifted their price target on Corteva from $64.00 to $72.00 and gave the company an overweight rating in a report on Wednesday. Finally, Barclays began coverage on Corteva in a report on Wednesday, June 1st. They set an overweight rating and a $71.00 target price for the company. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $68.60.
Corteva Stock Performance
NYSE:CTVA opened at $62.12 on Thursday. The firm’s fifty day moving average price is $58.44 and its 200 day moving average price is $57.51. Corteva has a 1-year low of $40.72 and a 1-year high of $64.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.35. The firm has a market cap of $44.96 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 1.59 and a beta of 0.68.
Corteva Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 11th. This is a positive change from Corteva’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 0.97%. Corteva’s payout ratio is currently 25.32%.
Corteva declared that its board has authorized a stock buyback program on Tuesday, September 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Institutional Trading of Corteva
Institutional investors have recently modified their holdings of the company. CWM LLC lifted its holdings in shares of Corteva by 24.7% in the first quarter. CWM LLC now owns 10,658 shares of the company’s stock valued at $613,000 after purchasing an additional 2,108 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in Corteva during the first quarter worth about $31,000. Buckingham Strategic Wealth LLC raised its holdings in Corteva by 4.0% during the first quarter. Buckingham Strategic Wealth LLC now owns 7,821 shares of the company’s stock worth $450,000 after acquiring an additional 298 shares in the last quarter. Diversified Trust Co raised its holdings in Corteva by 25.7% during the first quarter. Diversified Trust Co now owns 25,245 shares of the company’s stock worth $1,451,000 after acquiring an additional 5,154 shares in the last quarter. Finally, Toroso Investments LLC raised its holdings in Corteva by 3.4% during the first quarter. Toroso Investments LLC now owns 119,902 shares of the company’s stock worth $6,892,000 after acquiring an additional 3,982 shares in the last quarter. 79.02% of the stock is currently owned by institutional investors.
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.
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