Corteva (NYSE:CTVA) Price Target Raised to $64.00

Corteva (NYSE:CTVA) had its price target hoisted by Barclays from $62.00 to $64.00 in a research note published on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other analysts have also commented on CTVA. UBS Group cut their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. Citigroup cut their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Finally, Royal Bank of Canada raised their price objective on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Stock Performance

Shares of CTVA stock opened at $64.19 on Tuesday. The firm has a market capitalization of $44.12 billion, a PE ratio of 64.84, a P/E/G ratio of 1.64 and a beta of 0.77. The company has a 50 day moving average price of $59.25 and a 200-day moving average price of $57.30. Corteva has a 52 week low of $44.91 and a 52 week high of $64.23. 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 repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Institutional Investors Weigh In On Corteva

Large investors have recently bought and sold shares of the business. Heck Capital Advisors LLC bought a new position in shares of Corteva in the 4th quarter valued at about $55,000. Caprock Group LLC raised its stake in shares of Corteva by 86.0% in the fourth quarter. Caprock Group LLC now owns 17,819 shares of the company’s stock valued at $1,015,000 after acquiring an additional 8,238 shares during the period. Swedbank AB boosted its stake in shares of Corteva by 51.9% during the 4th quarter. Swedbank AB now owns 695,641 shares of the company’s stock worth $39,624,000 after purchasing an additional 237,764 shares during the period. Hantz Financial Services Inc. grew its holdings in Corteva by 5.5% during the 4th quarter. Hantz Financial Services Inc. now owns 45,210 shares of the company’s stock valued at $2,575,000 after purchasing an additional 2,347 shares during the last quarter. Finally, Stonegate Investment Group LLC lifted its stake in Corteva by 25.3% in the fourth quarter. Stonegate Investment Group LLC now owns 9,395 shares of the company’s stock worth $535,000 after purchasing an additional 1,897 shares during the last quarter. Institutional investors 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.