Corteva (NYSE:CTVA) Hits New 52-Week High Following Analyst Upgrade

Shares of Corteva, Inc. (NYSE:CTVAGet Free Report) reached a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $69.00 to $74.00. Citigroup currently has a buy rating on the stock. Corteva traded as high as $64.86 and last traded at $64.26, with a volume of 3155542 shares. The stock had previously closed at $64.47.

A number of other equities research analysts have also recently issued reports on the company. UBS Group decreased their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Oppenheimer restated an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Barclays raised their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, KeyCorp decreased their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. 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’s stock. According to MarketBeat, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $66.24.

Get Our Latest Stock Report on Corteva

Institutional Trading of Corteva

A number of institutional investors have recently made changes to their positions in CTVA. Hager Investment Management Services LLC bought a new stake in shares of Corteva in the fourth quarter worth $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the fourth quarter worth $32,000. Capital Advisors Ltd. LLC raised its position in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares in the last quarter. First Financial Corp IN bought a new stake in Corteva during the fourth quarter worth $35,000. Finally, Albion Financial Group UT raised its position in Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after acquiring an additional 321 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company’s 50-day simple moving average is $59.83 and its 200-day simple moving average is $57.69. The stock has a market capitalization of $44.72 billion, a P/E ratio of 65.72, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.05%. Corteva’s dividend payout ratio is currently 68.69%.

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

Corteva Company Profile

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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.

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