Corteva, Inc. (NYSE:CTVA) Plans $0.17 Quarterly Dividend

Corteva, Inc. (NYSE:CTVA) declared a quarterly dividend on Monday, January 27th,RTT News reports. Stockholders of record on Monday, March 3rd will be paid a dividend of 0.17 per share on Monday, March 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Monday, March 3rd.

Corteva has raised its dividend by an average of 6.9% per year over the last three years. Corteva has a dividend payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corteva to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 21.1%.

Corteva Stock Performance

NYSE:CTVA opened at $64.26 on Wednesday. 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 firm has a 50-day moving average price of $59.71 and a two-hundred day moving average price of $57.61. Corteva has a twelve month low of $45.30 and a twelve month high of $64.86. The company has a market capitalization of $44.16 billion, a P/E ratio of 64.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva declared that its board has authorized a stock buyback plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

CTVA has been the subject of several recent research reports. Citigroup dropped their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Wells Fargo & Company raised their price target on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday. Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Royal Bank of Canada raised their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, KeyCorp decreased their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average target price of $65.94.

About Corteva

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.