Corteva (NYSE:CTVA) Reaches New 52-Week High – Here’s Why

Corteva, Inc. (NYSE:CTVA)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $63.76 and last traded at $63.65, with a volume of 4112718 shares changing hands. The stock had previously closed at $61.23.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research analyst reports. KeyCorp lifted their price target on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday. Wells Fargo & Company upped their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Royal Bank of Canada decreased their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.33.

Corteva Stock Up 4.7 %

The stock has a market cap of $44.07 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.99 and a beta of 0.77. The firm has a 50 day simple moving average of $58.69 and a two-hundred day simple moving average of $55.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. Corteva’s dividend payout ratio is presently 68.69%.

Corteva declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CTVA. State Street Corp boosted its stake in shares of Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after acquiring an additional 768,519 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after acquiring an additional 355,206 shares in the last quarter. Harris Associates L P raised its holdings in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after acquiring an additional 200,917 shares during the period. FMR LLC lifted its position in shares of Corteva by 1.9% in the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after acquiring an additional 203,126 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Corteva by 2.5% in the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after purchasing an additional 213,872 shares during the period. 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.