Analysts Set Corteva, Inc. (NYSE:CTVA) Price Target at $63.68

Shares of Corteva, Inc. (NYSE:CTVA) have been given an average recommendation of “Moderate Buy” by the twenty-one analysts that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $63.68.

Several analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. KeyCorp lowered their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company lowered their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Royal Bank of Canada lowered their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th.

Corteva Stock Performance

NYSE CTVA opened at $58.25 on Wednesday. Corteva has a 1 year low of $43.89 and a 1 year high of $63.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market capitalization of $40.03 billion, a PE ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. The company’s 50 day simple moving average is $58.42 and its two-hundred day simple moving average is $55.70.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

A number of large investors have recently added to or reduced their stakes in CTVA. Empowered Funds LLC boosted its stake in shares of Corteva by 55.4% during the 1st quarter. Empowered Funds LLC now owns 16,804 shares of the company’s stock valued at $969,000 after purchasing an additional 5,989 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Corteva by 10.3% during the 1st quarter. Bleakley Financial Group LLC now owns 13,239 shares of the company’s stock valued at $764,000 after purchasing an additional 1,237 shares in the last quarter. Dearborn Partners LLC bought a new stake in shares of Corteva during the 1st quarter valued at about $360,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Corteva by 5.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 851,742 shares of the company’s stock valued at $51,369,000 after purchasing an additional 44,528 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Corteva by 14.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after purchasing an additional 121,817 shares in the last quarter. Institutional investors 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.