Corteva (NYSE:CTVA) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Corteva (NYSE:CTVA) from a neutral rating to a buy rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have $67.00 target price on the stock, up from their previous target price of $59.00.

A number of other equities analysts have also weighed in on the stock. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. 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. JPMorgan Chase & Co. cut their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.21.

Corteva Stock Up 0.8 %

Shares of NYSE CTVA opened at $59.41 on Wednesday. The firm’s 50 day moving average price is $56.36 and its 200 day moving average price is $55.07. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a market cap of $41.41 billion, a P/E ratio of 75.20, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. Corteva has a 1 year low of $43.22 and a 1 year high of $59.68.

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

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a $0.17 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Tuesday, September 3rd. Corteva’s payout ratio is currently 86.08%.

Institutional Investors Weigh In On Corteva

Institutional investors have recently made changes to their positions in the company. Redmont Wealth Advisors LLC bought a new stake in Corteva during the first quarter valued at $25,000. Acadian Asset Management LLC bought a new position in Corteva in the first quarter worth about $25,000. Rise Advisors LLC grew its holdings in shares of Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares during the last quarter. Albion Financial Group UT raised its position in shares of Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares during the period. Finally, Ironwood Wealth Management Inc. raised its position in shares of Corteva by 106.1% during the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after purchasing an additional 280 shares during the period. 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.