UBS Group Cuts Corteva (NYSE:CTVA) Price Target to $73.00

Corteva (NYSE:CTVA) had its target price reduced by UBS Group from $74.00 to $73.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on CTVA. KeyCorp lowered their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday. Wells Fargo & Company upped their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Bank of America upped their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada boosted their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Performance

Shares of Corteva stock opened at $57.04 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $58.88 and a two-hundred day simple moving average of $56.84. The firm has a market capitalization of $39.20 billion, a P/E ratio of 57.62, a P/E/G ratio of 1.94 and a beta of 0.77. Corteva has a 12 month low of $44.01 and a 12 month high of $64.20.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.19%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Corteva declared that its board has initiated a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Corteva

Hedge funds and other institutional investors have recently made changes to their positions in the business. Anomaly Capital Management LP purchased a new position in Corteva in the second quarter valued at $188,578,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corteva during the 3rd quarter valued at about $99,869,000. Franklin Resources Inc. increased its stake in shares of Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after purchasing an additional 856,007 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Corteva by 370.6% during the 2nd quarter. Bank of Montreal Can now owns 1,074,361 shares of the company’s stock worth $57,951,000 after buying an additional 846,065 shares during the period. Finally, KBC Group NV raised its position in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.