Canaccord Genuity Group Raises Corteva (NYSE:CTVA) Price Target to $65.00

Corteva (NYSE:CTVA) had its price target boosted by Canaccord Genuity Group from $60.00 to $65.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on CTVA. TheStreet raised Corteva from a c+ rating to a b- rating in a research note on Tuesday, February 27th. Mizuho raised their price objective on shares of Corteva from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday. BMO Capital Markets upped their target price on shares of Corteva from $64.00 to $67.00 and gave the stock an outperform rating in a research note on Friday. UBS Group reduced their target price on shares of Corteva from $65.00 to $64.00 and set a buy rating on the stock in a report on Thursday, January 11th. Finally, KeyCorp boosted their price target on shares of Corteva from $63.00 to $66.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has an average rating of Moderate Buy and a consensus price target of $63.38.

Corteva Stock Up 0.3 %

Shares of NYSE:CTVA opened at $57.16 on Friday. The company has a market capitalization of $39.95 billion, a price-to-earnings ratio of 72.35, a PEG ratio of 1.50 and a beta of 0.78. Corteva has a 12-month low of $43.22 and a 12-month high of $60.57. The business has a 50-day moving average price of $55.37 and a 200 day moving average price of $50.65. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period last year, the business earned $1.16 earnings per share. Sell-side analysts expect that Corteva will post 2.83 EPS for the current year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Redmont Wealth Advisors LLC acquired a new stake in shares of Corteva in the 1st quarter worth approximately $25,000. Rise Advisors LLC increased its stake in shares of Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares in the last quarter. Albion Financial Group UT lifted its stake in Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares in the last quarter. CVA Family Office LLC acquired a new stake in Corteva during the 4th quarter valued at $25,000. Finally, Ironwood Wealth Management Inc. increased its position in Corteva by 106.1% during the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after buying an additional 280 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other 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.