Corteva (NYSE:CTVA) Sets New 12-Month Low – Should You Sell?

Corteva, Inc. (NYSE:CTVA)’s stock price hit a new 52-week low on Thursday. The company traded as low as $10.50 and last traded at $10.2550, with a volume of 361,094 shares changing hands. The stock had previously closed at $12.14.

Wall Street Analyst Weigh In

CTVA has been the topic of several research reports. Argus reiterated a “buy” rating and set a $91.00 price objective on shares of Corteva in a research note on Friday, September 18th. UBS Group reduced their price target on shares of Corteva to $15.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Zacks Research lowered Corteva from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. Bank of America raised their target price on shares of Corteva from $90.00 to $96.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Deutsche Bank restated a “buy” rating and issued a $101.00 price objective on shares of Corteva in a report on Monday, August 3rd. Sixteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.59.

Corteva Stock Performance

The firm’s 50-day moving average price is $40.43 and its two-hundred day moving average price is $70.20. The company has a quick ratio of 1.10, a current ratio of 1.52 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $6.42 billion, a PE ratio of 6.39, a P/E/G ratio of 1.70 and a beta of 0.58.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Thursday, November 12th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.02 by $0.04. Corteva had a net margin of 5.66% and a return on equity of 10.18%. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm earned ($0.23) EPS. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, research analysts predict that Corteva, Inc. will post 1.05 earnings per share for the current fiscal year.

Corteva Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a dividend of $0.05 per share. This is a decrease from Corteva’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.20 annualized dividend and a yield of 2.1%. Corteva’s dividend payout ratio (DPR) is presently 47.68%.

Institutional Trading of Corteva

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Corteva in the second quarter worth $4,560,180,000. Wellington Management Group LLP grew its holdings in shares of Corteva by 941.7% during the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock valued at $644,720,000 after buying an additional 6,881,875 shares in the last quarter. Royal Bank of Canada raised its position in Corteva by 202.1% during the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock valued at $624,362,000 after buying an additional 4,989,371 shares during the period. Jupiter Topco LLC acquired a new position in Corteva during the second quarter valued at $544,246,000. Finally, Bank of America Corp DE acquired a new position in Corteva during the second quarter valued at $484,927,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

About Corteva

Corteva, Inc. is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases. Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva’s crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.