Corteva (NYSE:CTVA) Upgraded to Buy at UBS Group

UBS Group upgraded shares of Corteva (NYSE:CTVA) from a neutral rating to a buy rating in a report released on Tuesday, MarketBeat reports. They currently have $67.00 price objective on the stock, up from their previous price objective of $63.00.

Several other research firms also recently issued reports on CTVA. Credit Suisse Group reaffirmed an outperform rating and issued a $74.00 price objective on shares of Corteva in a research note on Friday, August 4th. Barclays lowered their price objective on Corteva from $70.00 to $67.00 and set an overweight rating for the company in a research note on Monday, August 14th. Canaccord Genuity Group started coverage on Corteva in a research note on Wednesday, June 28th. They issued a buy rating and a $75.00 price objective for the company. VNET Group reissued an upgrade rating on shares of Corteva in a research report on Monday, May 22nd. Finally, Redburn Partners downgraded shares of Corteva from a buy rating to a neutral rating in a research report on Tuesday, July 25th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Corteva currently has an average rating of Moderate Buy and a consensus target price of $70.41.

Corteva Price Performance

NYSE:CTVA opened at $50.96 on Tuesday. Corteva has a one year low of $48.68 and a one year high of $68.43. The company has a market cap of $36.17 billion, a P/E ratio of 39.50, a P/E/G ratio of 1.36 and a beta of 0.81. The firm’s fifty day moving average price is $53.90 and its two-hundred day moving average price is $57.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.66 and a quick ratio of 1.12.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Friday, August 4th. The company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. The business had revenue of $6.05 billion for the quarter, compared to the consensus estimate of $6.44 billion. Corteva had a net margin of 5.26% and a return on equity of 7.78%. Corteva’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.64 earnings per share. Equities analysts expect that Corteva will post 2.84 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, August 31st. This is an increase from Corteva’s previous quarterly dividend of $0.15. Corteva’s dividend payout ratio (DPR) is 49.61%.

Institutional Trading of Corteva

A number of large investors have recently modified their holdings of CTVA. UBS Group AG lifted its position in Corteva by 24.9% in the 4th quarter. UBS Group AG now owns 1,834,356 shares of the company’s stock worth $107,823,000 after buying an additional 365,211 shares during the last quarter. Great Lakes Retirement Inc. lifted its position in Corteva by 8.2% in the 1st quarter. Great Lakes Retirement Inc. now owns 4,466 shares of the company’s stock worth $269,000 after buying an additional 338 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Corteva by 4.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 166,329 shares of the company’s stock worth $10,031,000 after buying an additional 6,778 shares during the last quarter. Nordea Investment Management AB lifted its position in Corteva by 42.9% in the fourth quarter. Nordea Investment Management AB now owns 69,243 shares of the company’s stock valued at $4,065,000 after purchasing an additional 20,796 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its position in Corteva by 3.4% in the first quarter. Wealthfront Advisers LLC now owns 49,086 shares of the company’s stock valued at $2,960,000 after purchasing an additional 1,601 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

About Corteva

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.