Corteva, Inc. (NYSE:CTVA) Announces Quarterly Dividend of $0.17

Corteva, Inc. (NYSE:CTVA) announced a quarterly dividend on Tuesday, October 29th, RTT News reports. Stockholders of record on Monday, December 2nd will be paid a dividend of 0.17 per share on Monday, December 16th. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Monday, December 2nd.

Corteva has increased its dividend payment by an average of 6.0% per year over the last three years. Corteva has a payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corteva to earn $3.32 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 20.5%.

Corteva Stock Performance

NYSE:CTVA traded up $1.04 during mid-day trading on Wednesday, hitting $61.83. The company’s stock had a trading volume of 159,324 shares, compared to its average volume of 3,234,063. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. Corteva has a 1 year low of $43.22 and a 1 year high of $62.01. The business’s fifty day moving average is $57.41 and its two-hundred day moving average is $55.24. The stock has a market cap of $43.09 billion, a price-to-earnings ratio of 76.96, a PEG ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.60 EPS. Analysts anticipate that Corteva will post 2.66 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and increased their target price for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. JPMorgan Chase & Co. dropped their target price 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. KeyCorp decreased their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. One equities 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.84.

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.