Corteva (NYSE:CTVA) Reaches New 52-Week High at $58.92

Corteva, Inc. (NYSE:CTVA) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $58.92 and last traded at $58.83, with a volume of 368642 shares traded. The stock had previously closed at $58.02.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research reports. JPMorgan Chase & Co. cut their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Mizuho reduced their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Wells Fargo & Company decreased their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. KeyCorp lowered their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Morgan Stanley reissued an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday. 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. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and an average target price of $61.94.

Corteva Price Performance

The firm has a 50-day moving average of $54.95 and a 200 day moving average of $54.86. The company has a market capitalization of $40.93 billion, a PE ratio of 74.63, a PEG ratio of 1.68 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

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

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

Institutional Trading of Corteva

A number of hedge funds have recently bought and sold shares of CTVA. Redmont Wealth Advisors LLC bought a new stake in shares of Corteva during the 1st quarter valued at about $25,000. Acadian Asset Management LLC purchased a new position in shares of Corteva in the first quarter worth approximately $25,000. Rise Advisors LLC grew its position in Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares during the period. ICA Group Wealth Management LLC purchased a new stake in Corteva during the fourth quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Corteva during the 4th quarter worth $29,000. Hedge funds and other 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.