Brokerages Set Corteva, Inc. (NYSE:CTVA) Price Target at $65.06

Shares of Corteva, Inc. (NYSE:CTVA) have earned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $65.06.

A number of brokerages have recently commented on CTVA. Bank of America raised their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Wells Fargo & Company lifted their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th.

Corteva Trading Down 0.8 %

CTVA opened at $59.30 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $40.76 billion, a P/E ratio of 59.90, a P/E/G ratio of 1.93 and a beta of 0.77. Corteva has a 12 month low of $44.01 and a 12 month high of $64.20. The stock has a 50-day moving average of $59.63 and a 200 day moving average of $56.20.

Corteva announced that its board has approved a share repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. Corteva’s payout ratio is 68.69%.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rovin Capital UT ADV raised its holdings in Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC grew its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares in the last quarter. Proffitt & Goodson Inc. lifted its position in shares of Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after buying an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. lifted its position in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after buying an additional 199 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV raised its stake in Corteva by 0.4% during the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Company Profile

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.