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

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

A number of other equities research analysts also recently commented on CTVA. Royal Bank of Canada boosted their target price on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Oppenheimer restated an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. UBS Group lifted their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Citigroup lowered their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. One equities research 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Performance

Shares of NYSE CTVA opened at $57.04 on Friday. The company has a market cap of $39.20 billion, a P/E ratio of 57.62, a P/E/G ratio of 1.94 and a beta of 0.77. Corteva has a 52-week low of $44.01 and a 52-week high of $64.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm’s fifty day moving average is $58.88 and its two-hundred day moving average is $56.84.

Corteva announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in Corteva by 4.6% in the second quarter. Victory Capital Management Inc. now owns 366,986 shares of the company’s stock worth $19,795,000 after purchasing an additional 16,268 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Corteva by 4,322.2% during the 2nd quarter. Acadian Asset Management LLC now owns 19,679 shares of the company’s stock worth $1,060,000 after acquiring an additional 19,234 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Corteva during the second quarter valued at approximately $134,000. Choreo LLC boosted its stake in Corteva by 194.7% in the second quarter. Choreo LLC now owns 22,896 shares of the company’s stock valued at $1,216,000 after acquiring an additional 15,126 shares in the last quarter. Finally, Royal London Asset Management Ltd. grew its holdings in Corteva by 2.2% in the second quarter. Royal London Asset Management Ltd. now owns 284,544 shares of the company’s stock worth $15,348,000 after purchasing an additional 6,092 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

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.