Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its price target raised by Wells Fargo & Company from $67.00 to $73.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also recently issued reports on CTVA. Royal Bank of Canada raised their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Citigroup decreased their price target 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 increased their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barclays upped their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average price target of $66.24.

Corteva Trading Up 1.8 %

Shares of Corteva stock opened at $66.15 on Tuesday. The business has a 50 day moving average price of $59.96 and a 200 day moving average price of $57.74. The company has a market capitalization of $45.46 billion, a P/E ratio of 66.81, a P/E/G ratio of 1.63 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a 1 year low of $45.46 and a 1 year high of $66.24.

Corteva declared that its Board of Directors has approved 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 reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 68.69%.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strategic Financial Concepts LLC acquired a new stake in shares of Corteva during the fourth quarter worth approximately $655,000. Allworth Financial LP boosted its stake in Corteva by 17.3% during the 4th quarter. Allworth Financial LP now owns 13,699 shares of the company’s stock valued at $856,000 after acquiring an additional 2,023 shares during the last quarter. Beacon Capital Management LLC increased its position in shares of Corteva by 13.4% in the 4th quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock worth $76,000 after purchasing an additional 158 shares during the last quarter. Guyasuta Investment Advisors Inc. raised its stake in shares of Corteva by 6.8% in the 4th quarter. Guyasuta Investment Advisors Inc. now owns 3,752 shares of the company’s stock valued at $214,000 after purchasing an additional 240 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV lifted its position in shares of Corteva by 7.8% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 7,125 shares of the company’s stock worth $406,000 after purchasing an additional 517 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.