Corteva (NYSE:CTVA) Rating Lowered to Hold at Argus

Argus cut shares of Corteva (NYSE:CTVA) from a buy rating to a hold rating in a report released on Wednesday morning, Marketbeat.com reports.

Several other equities analysts also recently commented on CTVA. Canaccord Genuity Group increased their price target on Corteva from $60.00 to $65.00 and gave the company a buy rating in a report on Friday, May 3rd. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an overweight rating on the stock in a report on Friday, August 2nd. Mizuho lowered their price target on Corteva from $61.00 to $60.00 and set a buy rating on the stock in a report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft restated a buy rating and issued a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. Finally, OTR Global restated a negative rating on shares of Corteva in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $62.00.

Corteva Price Performance

NYSE CTVA opened at $51.56 on Wednesday. The company has a 50 day simple moving average of $53.08 and a 200-day simple moving average of $54.14. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97. The firm has a market capitalization of $35.94 billion, a price-to-earnings ratio of 65.27, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77. Corteva has a 52-week low of $43.22 and a 52-week high of $58.76.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter last year, the firm earned $1.60 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts predict that Corteva will post 2.73 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. Corteva’s dividend payout ratio (DPR) is presently 86.08%.

Insider Activity at Corteva

In related news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the sale, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corteva

Several hedge funds have recently made changes to their positions in CTVA. &PARTNERS boosted its holdings in shares of Corteva by 4.3% in the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after buying an additional 200 shares during the last quarter. Herr Investment Group LLC boosted its holdings in shares of Corteva by 2.8% in the 1st quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock valued at $427,000 after buying an additional 200 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in Corteva by 0.4% during the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after purchasing an additional 203 shares during the last quarter. Baxter Bros Inc. lifted its holdings in Corteva by 1.2% during the 4th quarter. Baxter Bros Inc. now owns 17,576 shares of the company’s stock valued at $842,000 after purchasing an additional 215 shares during the last quarter. Finally, Albion Financial Group UT lifted its holdings in Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after purchasing an additional 220 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

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.