Corteva, Inc. (NYSE:CTVA) Receives $65.41 Average PT from Brokerages

Shares of Corteva, Inc. (NYSE:CTVA) have earned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $65.41.

Several research analysts recently issued reports on CTVA shares. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Citigroup cut their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. KeyCorp boosted their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Finally, Barclays increased their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC lifted its holdings in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in Corteva in the 2nd quarter worth about $43,000. Chilton Capital Management LLC lifted its stake in Corteva by 354.7% during the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after acquiring an additional 759 shares during the period. Bangor Savings Bank boosted its holdings in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after acquiring an additional 241 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Corteva in the third quarter worth approximately $56,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of NYSE CTVA opened at $55.94 on Thursday. The firm has a market capitalization of $38.45 billion, a P/E ratio of 56.51, a P/E/G ratio of 1.94 and a beta of 0.77. Corteva has a 1-year low of $44.01 and a 1-year high of $64.20. The firm’s 50-day moving average price is $59.28 and its 200-day moving average price is $56.63. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.22%. Corteva’s payout ratio is 68.69%.

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.