Corteva (NYSE:CTVA) Reaches New 1-Year High After Dividend Announcement

Shares of Corteva, Inc. (NYSE:CTVA) hit a new 52-week high during trading on Tuesday after the company announced a dividend. The stock traded as high as $61.37 and last traded at $61.29, with a volume of 271338 shares. The stock had previously closed at $61.13.

The newly announced dividend which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. Corteva’s dividend payout ratio is presently 86.08%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CTVA shares. JPMorgan Chase & Co. cut their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and boosted their target price for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen 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 $62.84.

Corteva Trading Up 1.3 %

The company has a market cap of $42.91 billion, a PE ratio of 77.94, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. The business has a 50 day simple moving average of $57.56 and a two-hundred day simple moving average of $55.29. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued 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 business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the company posted $1.60 EPS. On average, analysts forecast that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Institutional Trading of Corteva

Several large investors have recently added to or reduced their stakes in the stock. Anomaly Capital Management LP acquired a new stake in shares of Corteva during the second quarter valued at about $188,578,000. Vaughan Nelson Investment Management L.P. grew its stake in Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Corteva by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. Finally, Natixis Advisors LLC grew its stake in Corteva by 155.7% in the second quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock worth $91,389,000 after purchasing an additional 1,031,678 shares in the last quarter. 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.