Corteva (NYSE:CTVA) Now Covered by Analysts at Citigroup

Citigroup assumed coverage on shares of Corteva (NYSE:CTVA) in a research note released on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $68.00 price target on the stock.

CTVA has been the subject of a number of other reports. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. KeyCorp decreased their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and upped their price target for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva Stock Down 0.7 %

Shares of Corteva stock opened at $60.35 on Wednesday. Corteva has a 52-week low of $43.22 and a 52-week high of $61.21. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The business’s 50 day simple moving average is $57.00 and its 200 day simple moving average is $55.17. The firm has a market cap of $42.06 billion, a PE ratio of 76.39, a P/E/G ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the previous year, the firm posted $1.60 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts predict that Corteva will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is 86.08%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd acquired a new stake in Corteva in the first quarter valued at approximately $2,270,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after purchasing an additional 121,817 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Corteva by 69.5% during the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock valued at $3,031,000 after purchasing an additional 21,545 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Corteva by 295.9% during the first quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock worth $5,473,000 after purchasing an additional 70,924 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Corteva by 75.5% in the first quarter. BNP Paribas Financial Markets now owns 633,117 shares of the company’s stock valued at $36,512,000 after buying an additional 272,461 shares during the period. 81.54% of the stock is owned by institutional investors.

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.