KeyCorp Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price objective upped by KeyCorp from $68.00 to $70.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

CTVA has been the subject of a number of other reports. Barclays upped their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. Royal Bank of Canada upped their price target on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Wells Fargo & Company upped their price target on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Finally, Citigroup upped their price target on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.31.

Corteva Trading Down 0.1 %

Shares of NYSE:CTVA opened at $62.32 on Friday. The stock has a market capitalization of $42.83 billion, a PE ratio of 48.31, a P/E/G ratio of 1.85 and a beta of 0.78. Corteva has a 1 year low of $50.01 and a 1 year high of $66.24. The firm has a fifty day moving average price of $60.22 and a 200 day moving average price of $58.22. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

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

Corteva declared that its board has initiated a stock buyback program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is presently 52.71%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CTVA. Noble Wealth Management PBC acquired a new position in Corteva in the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new position in Corteva in the fourth quarter worth about $27,000. Golden State Wealth Management LLC acquired a new position in Corteva in the fourth quarter worth about $32,000. Capital Advisors Ltd. LLC raised its position in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Finally, Centricity Wealth Management LLC acquired a new position in Corteva in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.