Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its price objective hoisted by Royal Bank of Canada from $72.00 to $73.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on CTVA. UBS Group decreased their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Bank of America upped their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company upped their target price on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Citigroup upped their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, Barclays upped their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.31.

Corteva Stock Down 0.1 %

CTVA opened at $62.32 on Friday. The firm has a 50-day simple moving average of $60.22 and a two-hundred day simple moving average of $58.22. Corteva has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a market capitalization of $42.83 billion, a PE ratio of 48.31, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Analysts forecast that Corteva will post 2.83 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business 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 $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva’s dividend payout ratio is currently 52.71%.

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

Hedge Funds Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the stock. Noble Wealth Management PBC bought a new position in Corteva in the 4th quarter worth about $26,000. Hager Investment Management Services LLC bought a new position in shares of Corteva during the fourth quarter valued at approximately $27,000. Golden State Wealth Management LLC bought a new position in shares of Corteva during the fourth quarter valued at approximately $32,000. Capital Advisors Ltd. LLC boosted its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Finally, Centricity Wealth Management LLC bought a new position in shares of Corteva during the fourth quarter valued at approximately $34,000. 81.54% of the stock is currently 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.