Corteva (NYSE:CTVA) Hits New 1-Year High – Time to Buy?

Corteva, Inc. (NYSE:CTVA) reached a new 52-week high during trading on Thursday . The stock traded as high as $64.23 and last traded at $64.19, with a volume of 3415430 shares. The stock had previously closed at $62.51.

Analyst Ratings Changes

CTVA has been the subject of several analyst reports. KeyCorp lowered 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. Wells Fargo & Company raised their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. 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. Citigroup dropped their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Finally, Bank of America upped their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.59.

Corteva Stock Performance

The company has a market capitalization of $43.96 billion, a PE ratio of 64.61, a P/E/G ratio of 1.63 and a beta of 0.77. The stock has a 50-day simple moving average of $59.56 and a 200 day simple moving average of $57.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. Corteva’s dividend payout ratio is currently 68.69%.

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

Institutional Trading of Corteva

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Life Planners purchased a new position in shares of Corteva during the 4th quarter worth about $55,000. Jennison Associates LLC increased its position in Corteva by 14.1% during the fourth quarter. Jennison Associates LLC now owns 244,408 shares of the company’s stock worth $13,921,000 after purchasing an additional 30,155 shares during the last quarter. Greenleaf Trust raised its stake in Corteva by 12.6% during the fourth quarter. Greenleaf Trust now owns 18,984 shares of the company’s stock worth $1,081,000 after purchasing an additional 2,122 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its stake in Corteva by 1.4% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,038 shares of the company’s stock worth $1,654,000 after purchasing an additional 400 shares during the period. Finally, Independence Bank of Kentucky boosted its holdings in shares of Corteva by 638.0% in the 4th quarter. Independence Bank of Kentucky now owns 1,417 shares of the company’s stock valued at $81,000 after purchasing an additional 1,225 shares during the last quarter. 81.54% of the stock is 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.