Corteva’s (CTVA) Negative Rating Reiterated at OTR Global

OTR Global reiterated their negative rating on shares of Corteva (NYSE:CTVAFree Report) in a research note issued to investors on Friday morning, Benzinga reports.

A number of other equities research analysts have also recently commented on CTVA. Wolfe Research initiated coverage on Corteva in a research note on Friday, March 1st. They set an outperform rating and a $67.00 price objective for the company. Royal Bank of Canada lifted their target price on Corteva from $62.00 to $64.00 and gave the stock an outperform rating in a report on Monday, May 6th. Barclays lifted their target price on Corteva from $55.00 to $58.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. reiterated a neutral rating and set a $57.00 target price (down from $58.00) on shares of Corteva in a report on Friday, April 12th. Finally, Oppenheimer lifted their target price on Corteva from $67.00 to $69.00 and gave the stock an outperform rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $63.05.

Read Our Latest Research Report on CTVA

Corteva Stock Down 3.7 %

Shares of Corteva stock opened at $52.90 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. Corteva has a 12 month low of $43.22 and a 12 month high of $58.81. The business has a fifty day simple moving average of $55.80 and a 200 day simple moving average of $52.01. The stock has a market cap of $36.87 billion, a PE ratio of 66.96, a price-to-earnings-growth ratio of 1.43 and a beta of 0.78.

Corteva (NYSE:CTVAGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, topping 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 business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. Research analysts predict that Corteva will post 2.82 EPS for the current year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Insider Activity at Corteva

In related news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Corteva news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,556 shares of company stock valued at $4,795,016. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Corteva

Institutional investors have recently bought and sold shares of the business. WCM Investment Management LLC increased its position in Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after buying an additional 213,949 shares during the last quarter. Parsons Capital Management Inc. RI acquired a new position in shares of Corteva in the first quarter valued at approximately $230,000. California State Teachers Retirement System grew its position in shares of Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after purchasing an additional 181,883 shares during the last quarter. 17 Capital Partners LLC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $1,649,000. Finally, Factory Mutual Insurance Co. grew its position in shares of Corteva by 10.7% in the fourth quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock valued at $25,520,000 after purchasing an additional 51,500 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

About Corteva

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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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