Corteva (NYSE:CTVA) Reaches New 12-Month High on Analyst Upgrade

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $69.00 to $74.00. Citigroup currently has a buy rating on the stock. Corteva traded as high as $64.86 and last traded at $64.26, with a volume of 3155542 shares. The stock had previously closed at $64.47.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company raised their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada upped their target price on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Barclays lifted their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, UBS Group reduced their price target on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average price target of $66.24.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. KBC Group NV raised its stake in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares in the last quarter. Oak Thistle LLC bought a new position in Corteva during the fourth quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. lifted its stake in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Corteva by 755.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock worth $31,486,000 after acquiring an additional 488,181 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC increased its stake in shares of Corteva by 54.5% during the 4th quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock worth $5,474,000 after purchasing an additional 33,886 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Up 1.8 %

The firm has a market cap of $45.46 billion, a P/E ratio of 66.81, a P/E/G ratio of 1.63 and a beta of 0.77. The business’s fifty day moving average price is $59.96 and its two-hundred day moving average price is $57.74. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.03%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are 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.