Corteva (NYSE:CTVA) Given New $75.00 Price Target at JPMorgan Chase & Co.

Corteva (NYSE:CTVA) had its price target boosted by JPMorgan Chase & Co. from $70.00 to $75.00 in a research report sent to investors on Wednesday, MarketBeat reports. They currently have an overweight rating on the stock.

Other equities analysts have also recently issued reports about the stock. Bank of America raised their price objective on shares of Corteva from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. BNP Paribas Exane raised their price target on Corteva from $70.00 to $72.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. The Goldman Sachs Group lifted their price objective on Corteva from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Wolfe Research upped their price objective on Corteva from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, January 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $79.47.

Corteva Price Performance

Corteva stock opened at $71.48 on Wednesday. The stock has a market cap of $48.30 billion, a price-to-earnings ratio of 30.55, a P/E/G ratio of 1.39 and a beta of 0.74. Corteva has a 12-month low of $53.40 and a 12-month high of $77.41. The company has a quick ratio of 1.07, a current ratio of 1.58 and a debt-to-equity ratio of 0.07. The business’s 50-day simple moving average is $67.04 and its 200 day simple moving average is $68.47.

Corteva (NYSE:CTVA) last released its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.47 billion. During the same period in the prior year, the company posted ($0.49) EPS. The company’s revenue was up 6.5% compared to the same quarter last year. As a group, research analysts anticipate that Corteva will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

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

Hedge Funds Weigh In On Corteva

Several institutional investors and hedge funds have recently modified their holdings of the business. Franklin Street Advisors Inc. NC raised its holdings in Corteva by 23.3% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 3,954 shares of the company’s stock worth $265,000 after buying an additional 747 shares during the period. Ledyard National Bank bought a new stake in shares of Corteva during the fourth quarter worth $229,000. Capital Investment Advisory Services LLC raised its holdings in shares of Corteva by 4.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 5,339 shares of the company’s stock worth $358,000 after acquiring an additional 218 shares during the period. Greenleaf Trust lifted its position in Corteva by 13.4% in the 4th quarter. Greenleaf Trust now owns 18,515 shares of the company’s stock valued at $1,241,000 after acquiring an additional 2,191 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its stake in Corteva by 2.0% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 46,543 shares of the company’s stock worth $3,120,000 after purchasing an additional 908 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.