Corteva (NYSE:CTVA) Earns Buy Rating from Analysts at Citigroup

Citigroup initiated coverage on shares of Corteva (NYSE:CTVA) in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $68.00 target price on the stock.

Other equities research analysts have also issued reports about the company. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and increased their price target for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. Wells Fargo & Company cut their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.84.

Corteva Trading Down 0.7 %

CTVA stock opened at $60.35 on Wednesday. Corteva has a 1-year low of $43.22 and a 1-year high of $61.21. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $57.00 and its 200-day moving average is $55.17. The firm has a market cap of $42.06 billion, a P/E ratio of 76.39, a P/E/G ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company posted $1.60 EPS. Equities analysts anticipate that Corteva will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently announced 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 is a positive change from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Tuesday, September 3rd. Corteva’s payout ratio is presently 86.08%.

Institutional Investors Weigh In On Corteva

Several hedge funds have recently bought and sold shares of the company. Anomaly Capital Management LP bought a new stake in shares of Corteva in the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. raised its position in shares of Corteva by 392.3% during 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 during the period. Bank of New York Mellon Corp grew its position in shares of Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares during the period. Panagora Asset Management Inc. increased its stake in Corteva by 700.2% during the 2nd 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, Artemis Investment Management LLP acquired a new stake in Corteva during the 1st quarter worth approximately $63,238,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.