Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its price objective increased by Wells Fargo & Company from $67.00 to $73.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other analysts have also issued research reports about the stock. Citigroup reduced their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Barclays upped their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. KeyCorp cut their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. UBS Group decreased their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Finally, Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $66.24.

Corteva Price Performance

Corteva stock opened at $66.15 on Tuesday. 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 company has a 50-day moving average price of $59.96 and a 200 day moving average price of $57.74. Corteva has a 12-month low of $45.46 and a 12-month high of $66.24. The stock has a market cap of $45.46 billion, a P/E ratio of 66.81, a PEG ratio of 1.63 and a beta of 0.77.

Corteva announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.03%. Corteva’s payout ratio is currently 68.69%.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently modified their holdings of CTVA. Hager Investment Management Services LLC acquired a new stake in shares of Corteva during the fourth quarter worth $27,000. Golden State Wealth Management LLC purchased a new position in Corteva during the 4th quarter worth $32,000. Capital Advisors Ltd. LLC lifted its stake in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the period. First Financial Corp IN purchased a new stake in shares of Corteva in the fourth quarter valued at about $35,000. Finally, Albion Financial Group UT increased its stake in shares of Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after acquiring an additional 321 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

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.