Corteva (NYSE:CTVA) Sets New 1-Year High at $58.92

Corteva, Inc. (NYSE:CTVA)’s stock price reached a new 52-week high on Friday . The company traded as high as $58.92 and last traded at $58.83, with a volume of 368642 shares. The stock had previously closed at $58.02.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CTVA. JPMorgan Chase & Co. reduced their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. OTR Global reaffirmed a “negative” rating on shares of Corteva in a report on Friday, June 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 target price on shares of Corteva in a report on Wednesday, June 12th. Wells Fargo & Company dropped their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, KeyCorp dropped their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.94.

Corteva Trading Up 1.0 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $40.83 billion, a PE ratio of 74.15, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. The company’s 50 day simple moving average is $55.02 and its two-hundred day simple moving average is $54.88.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.60 earnings per share. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is currently 86.08%.

Institutional Trading of Corteva

Hedge funds have recently made changes to their positions in the business. Mediolanum International Funds Ltd acquired a new stake in shares of Corteva during the first quarter worth about $2,270,000. Red Mountain Financial LLC acquired a new stake in shares of Corteva during the fourth quarter worth about $862,000. California State Teachers Retirement System raised its holdings in Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after acquiring an additional 181,883 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after acquiring an additional 121,817 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Corteva in the first quarter valued at approximately $1,965,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.