KeyCorp Issues Pessimistic Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its target price trimmed by KeyCorp from $69.00 to $68.00 in a report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

CTVA has been the subject of a number of other research reports. Royal Bank of Canada lifted their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. UBS Group increased their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Citigroup dropped their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Finally, Barclays raised their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.47.

Corteva Trading Down 0.2 %

NYSE CTVA opened at $57.04 on Friday. Corteva has a 12-month low of $44.01 and a 12-month high of $64.20. The company has a fifty day simple moving average of $58.88 and a two-hundred day simple moving average of $56.84. 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 stock has a market cap 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Corteva announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently made changes to their positions in the company. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in Corteva in the 2nd quarter worth approximately $43,000. 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 worth $55,000 after purchasing an additional 241 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Corteva in the third quarter valued at approximately $56,000. Finally, Pinnacle Bancorp Inc. increased its holdings in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after purchasing an additional 199 shares during the last quarter. 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.