Corteva (NYSE:CTVA) Hits New 52-Week High at $58.80

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high on Thursday . The stock traded as high as $58.80 and last traded at $58.77, with a volume of 567302 shares changing hands. The stock had previously closed at $57.44.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 target price on shares of Corteva in a report on Wednesday, June 12th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. OTR Global reissued a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Finally, KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $61.67.

Corteva Price Performance

The firm has a market capitalization of $40.84 billion, a P/E ratio of 72.71, a P/E/G ratio of 1.60 and a beta of 0.77. The company has a 50 day moving average of $54.47 and a 200-day moving average of $54.71. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same period in the prior year, the firm posted $1.60 EPS. Corteva’s quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that Corteva, Inc. will post 2.69 EPS for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.16%. Corteva’s dividend payout ratio (DPR) is 86.08%.

Hedge Funds Weigh In On Corteva

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTVA. Redmont Wealth Advisors LLC bought a new position in shares of Corteva in the 1st quarter valued at $25,000. Acadian Asset Management LLC acquired a new stake in shares of Corteva during the first quarter valued at about $25,000. Rise Advisors LLC grew its holdings in shares of Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Albion Financial Group UT increased its stake in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares during the period. Finally, Ironwood Wealth Management Inc. boosted its position in Corteva by 106.1% during the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after buying an additional 280 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Company Profile

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.