Corteva (NYSE:CTVA) Price Target Cut to $68.00 by Analysts at Royal Bank of Canada

Corteva (NYSE:CTVA) had its target price lowered by Royal Bank of Canada from $69.00 to $68.00 in a research note published on Monday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday. Morgan Stanley reissued an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Barclays raised their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.68.

Corteva Stock Performance

Shares of Corteva stock opened at $58.51 on Monday. The firm has a market capitalization of $40.50 billion, a P/E ratio of 59.10, a PEG ratio of 1.72 and a beta of 0.77. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average price of $58.19 and a 200 day moving average price of $55.60. Corteva has a 52 week low of $43.22 and a 52 week high of $63.75.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.16%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Institutional Investors Weigh In On Corteva

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tradewinds LLC. boosted its stake in Corteva by 23.2% during the 3rd quarter. Tradewinds LLC. now owns 6,203 shares of the company’s stock worth $365,000 after purchasing an additional 1,168 shares during the last quarter. Cornerstone Advisors LLC boosted its position in shares of Corteva by 8.6% during the 3rd quarter. Cornerstone Advisors LLC now owns 16,400 shares of the company’s stock valued at $964,000 after acquiring an additional 1,300 shares during the last quarter. Citizens Financial Group Inc. RI boosted its position in shares of Corteva by 14.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,274 shares of the company’s stock valued at $1,016,000 after acquiring an additional 2,142 shares during the last quarter. Moors & Cabot Inc. boosted its position in shares of Corteva by 2.2% during the 3rd quarter. Moors & Cabot Inc. now owns 34,346 shares of the company’s stock valued at $2,019,000 after acquiring an additional 726 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Corteva by 41.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 3,548 shares of the company’s stock valued at $209,000 after acquiring an additional 1,040 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.