Barclays Issues Positive Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its price target raised by Barclays from $62.00 to $64.00 in a report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on the stock. Citigroup dropped their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. UBS Group cut their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. KeyCorp decreased their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company lifted their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Trading Up 1.3 %

Shares of NYSE:CTVA opened at $63.12 on Tuesday. The stock’s 50-day simple moving average is $59.03 and its two-hundred day simple moving average is $57.19. The stock has a market capitalization of $43.38 billion, a price-to-earnings ratio of 63.76, a PEG ratio of 1.62 and a beta of 0.77. Corteva has a 52-week low of $44.80 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.

Corteva declared that its board has authorized a stock repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. Corteva’s dividend payout ratio is currently 68.69%.

Institutional Trading of Corteva

Several hedge funds have recently modified their holdings of CTVA. State Street Corp grew its holdings in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after buying an additional 355,206 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares in the last quarter. Harris Associates L P lifted its holdings in shares of Corteva by 1.4% in the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after acquiring an additional 200,917 shares during the last quarter. Finally, FMR LLC grew its position in Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after acquiring an additional 203,126 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.