Corteva (NYSE:CTVA) Price Target Raised to $73.00 at Royal Bank of Canada

Corteva (NYSE:CTVA) had its price target increased by Royal Bank of Canada from $72.00 to $73.00 in a research report sent to investors on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Citigroup raised their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. KeyCorp raised their price target on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company raised their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.31.

Corteva Price Performance

Shares of CTVA opened at $62.32 on Friday. The company has a market cap of $42.83 billion, a price-to-earnings ratio of 48.31, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. Corteva has a twelve month low of $50.01 and a twelve month high of $66.24. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $60.22 and a two-hundred day moving average of $58.22.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, analysts predict that Corteva will post 2.83 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva’s payout ratio is presently 52.71%.

Corteva declared that its board has authorized a share repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Chicago Partners Investment Group LLC boosted its holdings in Corteva by 1.2% in the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after purchasing an additional 156 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in Corteva by 3.6% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock valued at $258,000 after purchasing an additional 157 shares during the last quarter. Beacon Capital Management LLC boosted its holdings in Corteva by 13.4% in the 4th quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock valued at $76,000 after purchasing an additional 158 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in Corteva by 3.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock valued at $257,000 after purchasing an additional 160 shares during the last quarter. Finally, Roble Belko & Company Inc boosted its holdings in Corteva by 5.5% in the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock valued at $180,000 after purchasing an additional 166 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.