Corteva’s (CTVA) “Neutral” Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their neutral rating on shares of Corteva (NYSE:CTVA) in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $57.00 target price on the stock, down from their prior target price of $58.00.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company increased their price target on Corteva from $54.00 to $65.00 and gave the stock an overweight rating in a research report on Friday, February 2nd. Wolfe Research began coverage on Corteva in a research report on Friday, March 1st. They set an outperform rating and a $67.00 price target on the stock. UBS Group cut their price target on Corteva from $65.00 to $64.00 and set a buy rating on the stock in a research report on Thursday, January 11th. Barclays raised their target price on Corteva from $55.00 to $58.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Finally, Royal Bank of Canada raised their target price on Corteva from $56.00 to $64.00 and gave the company an outperform rating in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $63.05.

Corteva Price Performance

NYSE CTVA opened at $53.76 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.56 and a quick ratio of 0.90. The stock’s fifty day moving average price is $55.14 and its 200 day moving average price is $50.18. Corteva has a 1 year low of $43.22 and a 1 year high of $63.37. The company has a market cap of $37.57 billion, a price-to-earnings ratio of 52.71, a PEG ratio of 1.40 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.09. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.54 billion. Corteva had a return on equity of 7.43% and a net margin of 4.27%. During the same period last year, the firm earned $0.16 EPS. As a group, equities research analysts forecast that Corteva will post 2.86 earnings per share for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.19%. Corteva’s dividend payout ratio is currently 62.75%.

Institutional Trading of Corteva

Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital International Investors increased its holdings in Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after purchasing an additional 8,260,808 shares during the last quarter. Moneta Group Investment Advisors LLC increased its holdings in Corteva by 110,628.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,904,934 shares of the company’s stock valued at $464,652,000 after purchasing an additional 7,897,795 shares during the last quarter. Norges Bank acquired a new stake in Corteva in the 4th quarter valued at approximately $328,936,000. Harris Associates L P acquired a new stake in Corteva in the 3rd quarter valued at approximately $246,423,000. Finally, Van ECK Associates Corp increased its holdings in Corteva by 78.7% in the 3rd quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after purchasing an additional 3,366,106 shares during the last quarter. 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.