Corteva (NYSE:CTVA) Hits New 52-Week High at $68.63

Corteva, Inc. (NYSE:CTVAGet Rating) shares hit a new 52-week high on Thursday . The stock traded as high as $68.63 and last traded at $67.60, with a volume of 15571 shares trading hands. The stock had previously closed at $67.05.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CTVA shares. Citigroup raised their target price on shares of Corteva from $69.00 to $73.00 in a research note on Tuesday, October 4th. Roth Capital upgraded shares of Corteva from a “neutral” rating to a “buy” rating and raised their target price for the company from $67.00 to $74.00 in a research note on Monday, August 8th. KeyCorp raised their target price on shares of Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, September 14th. Credit Suisse Group raised their target price on shares of Corteva from $72.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, November 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corteva from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, September 15th. One research analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.53.

Corteva Trading Down 3.6 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.69 and a quick ratio of 1.08. The company’s fifty day moving average is $62.29 and its 200-day moving average is $59.14. The stock has a market cap of $46.28 billion, a PE ratio of 34.64, a PEG ratio of 1.64 and a beta of 0.74.

Corteva (NYSE:CTVAGet Rating) last issued its earnings results on Friday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.11. Corteva had a net margin of 7.95% and a return on equity of 7.31%. The firm had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the company posted ($0.14) earnings per share. The firm’s revenue was up 17.1% compared to the same quarter last year. On average, analysts predict that Corteva, Inc. will post 2.56 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Monday, November 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.60 dividend on an annualized basis and a yield of 0.93%. Corteva’s payout ratio is 32.09%.

Corteva declared that its board has authorized a share repurchase plan on Tuesday, September 13th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Corteva

In other Corteva news, insider Audrey Grimm sold 10,000 shares of Corteva stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the transaction, the insider now owns 7,511 shares of the company’s stock, valued at $471,615.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Moisand Fitzgerald Tamayo LLC acquired a new stake in shares of Corteva in the second quarter valued at about $26,000. Carl Stuart Investment Advisor Inc. acquired a new stake in shares of Corteva in the first quarter valued at about $28,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of Corteva in the third quarter valued at about $28,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Corteva in the third quarter valued at about $29,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in shares of Corteva in the first quarter valued at about $31,000. Hedge funds and other institutional investors own 79.02% of the company’s stock.

Corteva Company Profile

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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.

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