Corteva (NYSE:CTVA) Reaches New 1-Year High – Still a Buy?

Corteva, Inc. (NYSE:CTVA)’s stock price reached a new 52-week high on Monday . The stock traded as high as $63.76 and last traded at $63.65, with a volume of 4112718 shares trading hands. The stock had previously closed at $61.23.

Analyst Ratings Changes

CTVA has been the subject of a number of research reports. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company lifted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average target price of $64.33.

Corteva Trading Up 4.7 %

The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $44.07 billion, a price-to-earnings ratio of 61.85, a P/E/G ratio of 1.99 and a beta of 0.77. The company has a 50-day moving average price of $58.69 and a 200-day moving average price of $55.77.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva announced that its Board of Directors has approved a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Corteva

A number of institutional investors and hedge funds have recently modified their holdings of CTVA. Rovin Capital UT ADV lifted its stake in Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after purchasing an additional 168 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares in the last quarter. Proffitt & Goodson Inc. grew its position in Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after acquiring an additional 174 shares during the period. Pinnacle Bancorp Inc. raised its stake in Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its holdings in shares of Corteva by 0.4% during the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 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.