Corteva (NYSE:CTVA) Price Target Raised to $69.00

Corteva (NYSE:CTVA) had its target price lifted by KeyCorp from $66.00 to $69.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on CTVA. 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. Wells Fargo & Company increased their price target on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada lowered their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Price Performance

NYSE:CTVA opened at $61.23 on Thursday. Corteva has a 52-week low of $43.89 and a 52-week high of $63.75. The company has a market cap of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The stock’s 50-day simple moving average is $58.69 and its 200 day simple moving average is $55.77.

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

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s payout ratio is 68.69%.

Institutional Investors Weigh In On Corteva

Large investors have recently bought and sold shares of the company. State Street Corp increased its stake in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after purchasing an additional 355,206 shares during the last quarter. Harris Associates L P raised its holdings in shares of Corteva by 1.4% during the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after buying an additional 200,917 shares in the last quarter. FMR LLC boosted its stake in Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after buying an additional 203,126 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Corteva by 2.5% in the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after acquiring an additional 213,872 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.