Citigroup Issues Positive Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its price objective upped by Citigroup from $70.00 to $74.00 in a research note published on Wednesday morning, MarketBeat reports. They currently have a neutral rating on the stock.

CTVA has been the topic of several other reports. Mizuho upped their price objective on shares of Corteva from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft cut their price target on Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Wells Fargo & Company decreased their price objective on Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Rothschild & Co Redburn dropped their target price on Corteva from $71.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Finally, Wolfe Research boosted their price target on Corteva from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.47.

Corteva Stock Up 3.7%

Corteva stock opened at $71.48 on Wednesday. The business’s 50-day simple moving average is $67.04 and its two-hundred day simple moving average is $68.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58. The company has a market cap of $48.30 billion, a PE ratio of 30.55, a PEG ratio of 1.39 and a beta of 0.74. Corteva has a fifty-two week low of $53.40 and a fifty-two week high of $77.41.

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

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, December 1st. Corteva’s dividend payout ratio is presently 30.77%.

Institutional Investors Weigh In On Corteva

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTVA. PGGM Investments increased its position in Corteva by 68.5% during the second quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock worth $91,183,000 after buying an additional 497,200 shares during the last quarter. TriaGen Wealth Management LLC acquired a new position in shares of Corteva during the 3rd quarter valued at about $4,284,000. New York State Teachers Retirement System raised its stake in shares of Corteva by 4.5% in the 3rd quarter. New York State Teachers Retirement System now owns 551,389 shares of the company’s stock valued at $37,290,000 after acquiring an additional 23,548 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Corteva by 43.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,751,157 shares of the company’s stock worth $186,061,000 after purchasing an additional 826,738 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in Corteva by 302.1% during the second quarter. Schroder Investment Management Group now owns 484,605 shares of the company’s stock worth $36,118,000 after purchasing an additional 364,083 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.