Brokerages Set Corteva, Inc. (NYSE:CTVA) Price Target at $67.73

Corteva, Inc. (NYSE:CTVA) has received an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $67.73.

CTVA has been the topic of several research reports. Wells Fargo & Company boosted their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. Royal Bank of Canada lifted their price objective on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp boosted their price objective on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Bank of America lifted their target price on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, 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 report on Friday, January 10th.

Insider Buying and Selling

In other Corteva news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the transaction, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently added to or reduced their stakes in CTVA. Creative Planning lifted its holdings in Corteva by 1.3% in the third quarter. Creative Planning now owns 139,342 shares of the company’s stock valued at $8,192,000 after acquiring an additional 1,784 shares during the period. Raymond James & Associates grew its position in shares of Corteva by 23.1% during the 3rd quarter. Raymond James & Associates now owns 505,375 shares of the company’s stock valued at $29,711,000 after acquiring an additional 94,689 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Corteva by 19.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock worth $2,850,000 after purchasing an additional 7,923 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in Corteva by 31.7% during the third quarter. Sequoia Financial Advisors LLC now owns 22,682 shares of the company’s stock valued at $1,333,000 after purchasing an additional 5,466 shares in the last quarter. Finally, Eastern Bank bought a new stake in Corteva during the third quarter valued at about $332,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of Corteva stock opened at $62.96 on Friday. The firm has a market capitalization of $43.16 billion, a P/E ratio of 48.80, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The business’s fifty day simple moving average is $60.97 and its 200 day simple moving average is $59.09. Corteva has a 12 month low of $50.01 and a 12 month high of $66.24.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. As a group, analysts anticipate that Corteva will post 2.96 EPS for the current year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given 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 1.08%. Corteva’s dividend payout ratio (DPR) is currently 52.71%.

Corteva announced that its board has approved a stock buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

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.