Stock Repurchase Program Announced by Corteva (NYSE:CTVA)

Corteva (NYSE:CTVA) declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th, RTT News reports. The company plans to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Corteva Stock Up 2.2 %

Shares of NYSE:CTVA traded up $1.26 during midday trading on Tuesday, reaching $58.25. 4,217,640 shares of the company were exchanged, compared to its average volume of 3,277,418. The stock has a fifty day simple moving average of $58.36 and a two-hundred day simple moving average of $55.69. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a market cap of $40.03 billion, a PE ratio of 57.59, a P/E/G ratio of 1.77 and a beta of 0.77. Corteva has a fifty-two week low of $43.89 and a fifty-two week high of $63.75.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CTVA shares. Wells Fargo & Company cut their price target 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. Royal Bank of Canada reduced their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. JPMorgan Chase & Co. dropped their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.68.

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.