Corteva (NYSE:CTVA) PT Raised to $67.00

Corteva (NYSE:CTVA) had its target price boosted by Wells Fargo & Company from $66.00 to $67.00 in a report published on Friday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on the company. Wolfe Research assumed coverage on Corteva in a research report on Friday, March 1st. They set an outperform rating and a $67.00 price target for the company. BMO Capital Markets increased their target price on Corteva from $64.00 to $67.00 and gave the company an outperform rating in a research note on Friday. Loop Capital upgraded Corteva from a hold rating to a buy rating and increased their target price for the company from $57.00 to $65.00 in a research note on Monday, February 12th. UBS Group lowered their target price on Corteva from $65.00 to $64.00 and set a buy rating for the company in a research note on Thursday, January 11th. Finally, Oppenheimer increased their target price on Corteva from $67.00 to $69.00 and gave the company an outperform rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $63.24.

Corteva Price Performance

CTVA stock opened at $56.36 on Friday. The stock has a 50-day moving average price of $55.40 and a two-hundred day moving average price of $50.69. Corteva has a 12-month low of $43.22 and a 12-month high of $59.04. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market cap of $39.28 billion, a PE ratio of 71.34, a price-to-earnings-growth ratio of 1.50 and a beta of 0.78.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the business earned $1.16 earnings per share. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. As a group, research analysts predict that Corteva will post 2.83 EPS for the current year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is 81.01%.

Institutional Trading of Corteva

Several hedge funds have recently made changes to their positions in CTVA. Stratos Wealth Partners LTD. lifted its holdings in shares of Corteva by 14.6% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,791 shares of the company’s stock worth $603,000 after purchasing an additional 1,506 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Corteva by 9.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,932,869 shares of the company’s stock worth $354,686,000 after purchasing an additional 585,063 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Corteva by 1.5% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 344,500 shares of the company’s stock worth $17,625,000 after purchasing an additional 5,100 shares during the last quarter. Forsta AP Fonden increased its position in Corteva by 5.1% in the 3rd quarter. Forsta AP Fonden now owns 141,800 shares of the company’s stock valued at $7,254,000 after acquiring an additional 6,900 shares during the period. Finally, Northstar Asset Management LLC increased its position in Corteva by 10.0% in the 3rd quarter. Northstar Asset Management LLC now owns 6,320 shares of the company’s stock valued at $323,000 after acquiring an additional 575 shares during the period. Institutional investors 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.