Corteva (NYSE:CTVA) Hits New 52-Week High Following Analyst Upgrade

Corteva, Inc. (NYSE:CTVAGet Free Report) shares reached a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $69.00 to $74.00. Citigroup currently has a buy rating on the stock. Corteva traded as high as $64.86 and last traded at $64.26, with a volume of 3155542 shares. The stock had previously closed at $64.47.

CTVA has been the subject of a number of other reports. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Barclays boosted their target price on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Royal Bank of Canada boosted their target price on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. UBS Group reduced their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. Finally, Bank of America boosted their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. One 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.24.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hager Investment Management Services LLC purchased a new stake in shares of Corteva during the fourth quarter worth about $27,000. Golden State Wealth Management LLC acquired a new position in Corteva in the fourth quarter valued at approximately $32,000. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the period. First Financial Corp IN acquired a new position in shares of Corteva during the fourth quarter worth approximately $35,000. Finally, Albion Financial Group UT boosted its position in shares of Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after buying an additional 321 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

The stock has a market capitalization of $44.72 billion, a price-to-earnings ratio of 65.72, a P/E/G ratio of 1.63 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The business has a 50-day simple moving average of $59.83 and a two-hundred day simple moving average of $57.69.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.05%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Corteva declared that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

About Corteva

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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.

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