Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its target price increased by Royal Bank of Canada from $68.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts also recently commented on CTVA. Bank of America lifted their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. UBS Group upped their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. KeyCorp lifted their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Finally, Citigroup lowered their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.41.

Corteva Stock Performance

Shares of NYSE CTVA opened at $57.48 on Thursday. The company has a 50-day simple moving average of $59.75 and a 200-day simple moving average of $56.35. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market cap of $39.51 billion, a PE ratio of 58.06, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva has a 12 month low of $44.01 and a 12 month high of $64.20.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.18%. Corteva’s dividend payout ratio (DPR) is 68.69%.

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

Institutional Investors Weigh In On Corteva

A number of institutional investors have recently modified their holdings of CTVA. State Street Corp increased its holdings in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P lifted its stake in Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after purchasing an additional 200,917 shares during the last quarter. Finally, FMR LLC increased its stake in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 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.