Wells Fargo & Company Cuts Corteva (NYSE:CTVA) Price Target to $77.00

Corteva (NYSE:CTVA) had its price objective cut by Wells Fargo & Company from $80.00 to $77.00 in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the company. Weiss Ratings lowered Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Mizuho dropped their price objective on shares of Corteva from $85.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 8th. The Goldman Sachs Group reduced their target price on shares of Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, October 22nd. Finally, UBS Group decreased their price target on shares of Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Fifteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $79.18.

Corteva Stock Performance

Shares of CTVA stock opened at $66.20 on Tuesday. The company has a fifty day moving average price of $65.83 and a two-hundred day moving average price of $69.52. Corteva has a one year low of $53.40 and a one year high of $77.41. The stock has a market cap of $44.73 billion, a P/E ratio of 28.29, a P/E/G ratio of 1.51 and a beta of 0.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the business earned ($0.49) EPS. Corteva’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that Corteva will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $0.18 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. Corteva’s dividend payout ratio (DPR) is currently 30.77%.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Corteva

Several hedge funds have recently modified their holdings of the company. Gladwyn Financial Advisors Inc. bought a new position in Corteva in the second quarter valued at about $25,000. Total Investment Management Inc. acquired a new position in shares of Corteva in the second quarter valued at approximately $27,000. Activest Wealth Management increased its stake in shares of Corteva by 118.3% in the third quarter. Activest Wealth Management now owns 369 shares of the company’s stock valued at $25,000 after buying an additional 200 shares during the period. Curat Global LLC raised its holdings in Corteva by 93.7% in the 2nd quarter. Curat Global LLC now owns 370 shares of the company’s stock valued at $28,000 after buying an additional 179 shares during the last quarter. Finally, Maryland Capital Advisors Inc. acquired a new stake in Corteva during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 81.54% 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.