Citigroup Has Lowered Expectations for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its target price decreased by Citigroup from $70.00 to $69.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

CTVA has been the topic of a number of other reports. Oppenheimer reiterated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America increased their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.12.

Corteva Stock Performance

Shares of CTVA opened at $56.41 on Wednesday. Corteva has a 52-week low of $44.01 and a 52-week high of $64.20. 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 firm has a market cap of $38.77 billion, a price-to-earnings ratio of 56.98, a PEG ratio of 1.94 and a beta of 0.77. The business’s 50 day moving average is $59.74 and its two-hundred day moving average is $56.32.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.21%. Corteva’s dividend payout ratio is presently 68.69%.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Anomaly Capital Management LP bought a new position in Corteva in the 2nd quarter valued at about $188,578,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva during the third quarter valued at approximately $99,869,000. Bank of New York Mellon Corp raised its holdings in Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. lifted its position in Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after purchasing an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC boosted its stake in Corteva by 155.7% during the 2nd quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock valued at $91,389,000 after purchasing an additional 1,031,678 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

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.