Corteva (NYSE:CTVA) Reaches New 52-Week High After Dividend Announcement

Corteva, Inc. (NYSE:CTVA) reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $61.37 and last traded at $61.29, with a volume of 271338 shares changing hands. The stock had previously closed at $61.13.

The newly announced dividend which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva’s payout ratio is currently 86.08%.

Wall Street Analyst Weigh In

Several analysts recently commented on CTVA shares. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and raised their price target for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva Price Performance

The stock has a 50 day moving average of $57.41 and a two-hundred day moving average of $55.24. 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 stock has a market cap of $42.38 billion, a PE ratio of 76.96, a PEG ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm posted $1.60 earnings per share. Equities analysts anticipate that Corteva, Inc. will post 2.66 EPS for the current year.

Hedge Funds Weigh In On Corteva

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Old North State Wealth Management LLC lifted its holdings in shares of Corteva by 33.5% in the third quarter. Old North State Wealth Management LLC now owns 6,432 shares of the company’s stock valued at $379,000 after purchasing an additional 1,613 shares in the last quarter. Van ECK Associates Corp raised its position in Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after buying an additional 213,872 shares during the period. Confluence Wealth Services Inc. raised its position in Corteva by 3.4% during the third quarter. Confluence Wealth Services Inc. now owns 9,937 shares of the company’s stock valued at $584,000 after buying an additional 330 shares during the period. Pure Financial Advisors LLC purchased a new stake in Corteva in the 3rd quarter worth about $217,000. Finally, Farther Finance Advisors LLC boosted its position in Corteva by 26.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,210 shares of the company’s stock worth $248,000 after acquiring an additional 881 shares during the period. 81.54% of the stock is currently owned by hedge funds and other 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.