Corteva (NYSE:CTVA) Price Target Lowered to $68.00 at KeyCorp

Corteva (NYSE:CTVA) had its price target trimmed by KeyCorp from $69.00 to $68.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently issued reports on CTVA. Barclays boosted their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. UBS Group raised their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.47.

Corteva Trading Down 0.2 %

Shares of CTVA stock opened at $57.04 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva has a 1 year low of $44.01 and a 1 year high of $64.20. The firm’s fifty day simple moving average is $58.88 and its 200 day simple moving average is $56.79. The firm has a market capitalization of $39.20 billion, a P/E ratio of 57.62, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva declared that its board has initiated a stock buyback program on Tuesday, November 19th that authorizes the company 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 management believes its shares are undervalued.

Institutional Trading of Corteva

A number of hedge funds have recently modified their holdings of CTVA. Capital Advisors Ltd. LLC increased its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva in the 2nd quarter valued at $43,000. Bangor Savings Bank raised its stake in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares during the period. Northwest Investment Counselors LLC bought a new position in Corteva during the third quarter worth about $56,000. Finally, Pinnacle Bancorp Inc. grew its stake in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after acquiring an additional 199 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.