Corteva, Inc. (NYSE:CTVA) Given Average Recommendation of “Moderate Buy” by Brokerages

Corteva, Inc. (NYSE:CTVA) has been assigned an average rating of “Moderate Buy” from the twenty research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $62.00.

Several brokerages recently issued reports on CTVA. Wells Fargo & Company cut 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. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday. Mizuho lowered their price target on shares of Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. OTR Global reiterated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd.

Corteva Trading Down 0.0 %

Shares of NYSE:CTVA opened at $51.54 on Monday. Corteva has a 12 month low of $43.22 and a 12 month high of $58.76. The company’s fifty day simple moving average is $53.08 and its 200 day simple moving average is $54.08. The firm has a market cap of $35.92 billion, a price-to-earnings ratio of 65.24, a PEG ratio of 1.46 and a beta of 0.77. The company has a quick ratio of 0.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same period in the prior year, the firm posted $1.60 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, research analysts forecast that Corteva will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is currently 86.08%.

Insider Transactions at Corteva

In other news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the transaction, the senior vice president now owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CTVA. Capital International Investors lifted its position in Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after purchasing an additional 8,260,808 shares during the last quarter. Norges Bank bought a new position in Corteva during the fourth quarter valued at approximately $265,298,000. Harris Associates L P increased its holdings in shares of Corteva by 87.1% during the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after acquiring an additional 4,194,981 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after buying an additional 3,254,126 shares during the last quarter. Finally, Glenview Capital Management LLC lifted its position in Corteva by 116.6% during the 4th quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock worth $225,163,000 after acquiring an additional 2,529,539 shares during the last quarter. Institutional investors and hedge funds 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.