Corteva, Inc. (NYSE:CTVA) Plans $0.16 Quarterly Dividend

Corteva, Inc. (NYSE:CTVA) announced a quarterly dividend on Friday, April 26th, RTT News reports. Stockholders of record on Tuesday, June 4th will be given a dividend of 0.16 per share on Tuesday, June 18th. This represents a $0.64 annualized dividend and a dividend yield of 1.17%.

Corteva has raised its dividend payment by an average of 6.0% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Corteva has a dividend payout ratio of 18.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corteva to earn $3.47 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 18.4%.

Corteva Stock Up 0.2 %

Shares of CTVA traded up $0.09 during midday trading on Friday, hitting $54.79. The company had a trading volume of 57,498 shares, compared to its average volume of 3,492,007. The company has a quick ratio of 0.90, a current ratio of 1.56 and a debt-to-equity ratio of 0.09. Corteva has a 52 week low of $43.22 and a 52 week high of $61.87. The company’s 50 day moving average price is $55.28 and its 200 day moving average price is $50.43. The stock has a market cap of $38.29 billion, a price-to-earnings ratio of 53.63, a PEG ratio of 1.43 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its earnings results on Thursday, February 1st. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.06 by $0.09. Corteva had a net margin of 4.27% and a return on equity of 7.43%. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the prior year, the firm earned $0.16 EPS. On average, equities research analysts predict that Corteva will post 2.84 EPS for the current year.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research analyst reports. UBS Group reduced their price target on shares of Corteva from $65.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Oppenheimer upped their price target on shares of Corteva from $62.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 16th. Loop Capital raised shares of Corteva from a “hold” rating to a “buy” rating and upped their price target for the stock from $57.00 to $65.00 in a research note on Monday, February 12th. Finally, Barclays increased their target price on shares of Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.29.

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.