Corteva (NYSE:CTVA) Price Target Lowered to $56.00 at Royal Bank of Canada

Corteva (NYSE:CTVA) had its price target trimmed by Royal Bank of Canada from $61.00 to $56.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price target on shares of Corteva from $73.00 to $66.00 and set an overweight rating for the company in a research report on Monday, October 23rd. The Goldman Sachs Group decreased their price target on shares of Corteva from $65.00 to $56.00 and set a neutral rating for the company in a research report on Tuesday, October 24th. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $70.00 to $65.00 and set an overweight rating for the company in a research report on Monday, August 7th. Credit Suisse Group restated an outperform rating and issued a $74.00 price target on shares of Corteva in a research report on Friday, August 4th. Finally, KeyCorp decreased their price objective on shares of Corteva from $68.00 to $66.00 and set an overweight rating for the company in a research report on Monday, August 7th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $66.63.

Corteva Stock Performance

Shares of Corteva stock opened at $43.55 on Friday. The company has a 50 day moving average of $50.02 and a 200-day moving average of $53.60. Corteva has a 1-year low of $43.35 and a 1-year high of $68.10. The company has a current ratio of 1.58, a quick ratio of 1.12 and a debt-to-equity ratio of 0.09. The company has a market cap of $30.91 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 1.33 and a beta of 0.80.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, November 8th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.03. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.63 billion. Corteva had a net margin of 5.38% and a return on equity of 7.47%. The firm’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.12) EPS. As a group, equities research analysts forecast that Corteva will post 2.6 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.47%. The ex-dividend date is Thursday, November 30th. Corteva’s dividend payout ratio is presently 49.23%.

Insider Buying and Selling

In other Corteva news, CFO David J. Anderson acquired 2,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were purchased at an average cost of $52.97 per share, with a total value of $105,940.00. Following the completion of the purchase, the chief financial officer now owns 65,308 shares of the company’s stock, valued at $3,459,364.76. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CTVA. Fairfield Bush & CO. bought a new position in shares of Corteva in the first quarter valued at $45,000. Cibc World Market Inc. lifted its position in shares of Corteva by 420.1% during the first quarter. Cibc World Market Inc. now owns 37,890 shares of the company’s stock valued at $2,178,000 after purchasing an additional 30,605 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Corteva by 2.9% during the first quarter. Blair William & Co. IL now owns 94,498 shares of the company’s stock valued at $5,432,000 after purchasing an additional 2,662 shares in the last quarter. Aviva PLC lifted its position in shares of Corteva by 38.1% during the first quarter. Aviva PLC now owns 146,289 shares of the company’s stock valued at $8,409,000 after purchasing an additional 40,391 shares in the last quarter. Finally, Prudential PLC bought a new position in shares of Corteva during the first quarter valued at about $799,000. 80.56% of the stock is owned by institutional investors.

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.