Corteva, Inc. (NYSE:CTVA) Given Average Recommendation of “Moderate Buy” by Analysts

Corteva, Inc. (NYSE:CTVA) has received an average recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $65.06.

A number of research firms have commented on CTVA. UBS Group raised their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Wells Fargo & Company increased their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. KeyCorp boosted their target price on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Citigroup began coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock.

Corteva Price Performance

Shares of Corteva stock opened at $59.49 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. Corteva has a twelve month low of $44.01 and a twelve month high of $64.20. The company has a 50-day simple moving average of $59.56 and a two-hundred day simple moving average of $56.13.

Corteva declared that its board has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is 68.69%.

Hedge Funds Weigh In On Corteva

Large investors have recently modified their holdings of the company. Capital Investment Advisors LLC raised its position in Corteva by 11.2% in the 2nd quarter. Capital Investment Advisors LLC now owns 7,088 shares of the company’s stock valued at $382,000 after buying an additional 715 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Corteva by 7.8% during the second quarter. QRG Capital Management Inc. now owns 25,009 shares of the company’s stock valued at $1,349,000 after acquiring an additional 1,803 shares during the last quarter. Czech National Bank lifted its holdings in Corteva by 7.6% during the second quarter. Czech National Bank now owns 132,816 shares of the company’s stock worth $7,164,000 after acquiring an additional 9,337 shares during the period. Strong Tower Advisory Services boosted its position in Corteva by 35.1% in the second quarter. Strong Tower Advisory Services now owns 22,901 shares of the company’s stock worth $1,235,000 after purchasing an additional 5,949 shares during the last quarter. Finally, Cooper Financial Group increased its position in shares of Corteva by 19.7% during the 2nd quarter. Cooper Financial Group now owns 14,854 shares of the company’s stock valued at $801,000 after purchasing an additional 2,440 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

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.