Corteva (NYSE:CTVA) Sets New 12-Month High – What’s Next?

Corteva, Inc. (NYSE:CTVA)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $63.75 and last traded at $63.75, with a volume of 2895 shares. The stock had previously closed at $61.75.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wells Fargo & Company cut their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. KeyCorp decreased their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.84.

Corteva Stock Performance

The firm has a fifty day simple moving average of $58.03 and a 200 day simple moving average of $55.50. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The stock has a market cap of $42.73 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 1.75 and a beta of 0.77.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.10%. Corteva’s dividend payout ratio (DPR) is 52.31%.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new stake in Corteva during the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Corteva during the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in Corteva during the 2nd quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC bought a new stake in Corteva during the 2nd quarter worth approximately $45,000. 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.