Corteva (NYSE:CTVA) Price Target Cut to $73.00 by Analysts at UBS Group

Corteva (NYSE:CTVA) had its price objective decreased by UBS Group from $74.00 to $73.00 in a research report sent to investors on Friday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

CTVA has been the topic of several other reports. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. Bank of America lifted their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Oppenheimer reiterated an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Wells Fargo & Company lifted their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.47.

Corteva Trading Down 0.2 %

CTVA opened at $57.04 on Friday. The firm has a market cap of $39.20 billion, a price-to-earnings ratio of 57.62, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva has a 52 week low of $44.01 and a 52 week high of $64.20. The business’s 50 day moving average is $58.88 and its two-hundred day moving average is $56.79. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

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

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.19%. Corteva’s payout ratio is 68.69%.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp raised its holdings in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after acquiring an additional 768,519 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Corteva by 6.1% in the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after acquiring an additional 856,007 shares during the last quarter. Harris Associates L P raised its holdings in shares of Corteva by 1.4% in the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after acquiring an additional 203,126 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.