Corteva (NYSE:CTVA) Hits New 1-Year High – What’s Next?

Corteva, Inc. (NYSE:CTVA)’s stock price hit a new 52-week high on Thursday . The company traded as high as $59.11 and last traded at $59.11, with a volume of 128086 shares trading hands. The stock had previously closed at $58.95.

Analyst Ratings Changes

Several research firms recently weighed in on CTVA. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $67.00 in a research note on Wednesday. Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, KeyCorp dropped their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $62.21.

Corteva Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The firm has a 50-day moving average of $56.36 and a 200 day moving average of $55.09. The stock has a market capitalization of $41.41 billion, a price-to-earnings ratio of 75.22, a PEG ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.74 by $0.09. The company had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.60 EPS. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently bought and sold shares of the business. Pinnacle Bancorp Inc. increased its holdings in shares of Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares during the last quarter. &PARTNERS raised its holdings in Corteva by 4.3% in the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after acquiring an additional 200 shares during the period. Herr Investment Group LLC lifted its position in Corteva by 2.8% during the first quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock worth $427,000 after acquiring an additional 200 shares during the last quarter. Azzad Asset Management Inc. ADV boosted its holdings in shares of Corteva by 0.4% during the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after acquiring an additional 203 shares during the period. Finally, Albion Financial Group UT grew its position in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after purchasing an additional 220 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.