Corteva (NYSE:CTVA) Price Target Raised to $67.00 at Wells Fargo & Company

Corteva (NYSE:CTVA) had its price objective raised by Wells Fargo & Company from $66.00 to $67.00 in a research note released on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

CTVA has been the topic of several other research reports. BNP Paribas raised Corteva from an underperform rating to a neutral rating and set a $53.00 target price on the stock in a research note on Friday, February 2nd. JPMorgan Chase & Co. reaffirmed a neutral rating and set a $57.00 target price (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. KeyCorp lifted their price target on Corteva from $63.00 to $66.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. TheStreet upgraded Corteva from a c+ rating to a b- rating in a research report on Tuesday, February 27th. Finally, BMO Capital Markets lifted their price target on Corteva from $64.00 to $67.00 and gave the company an outperform rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $63.38.

Corteva Stock Performance

Shares of NYSE CTVA traded up $0.18 during mid-day trading on Friday, hitting $57.16. The company had a trading volume of 2,977,563 shares, compared to its average volume of 2,761,026. The stock has a market cap of $39.95 billion, a price-to-earnings ratio of 72.35, a PEG ratio of 1.49 and a beta of 0.78. Corteva has a 12 month low of $43.22 and a 12 month high of $60.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.90. The firm’s 50 day simple moving average is $55.37 and its two-hundred day simple moving average is $50.66.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. As a group, equities research analysts forecast that Corteva will post 2.84 earnings per share for the current year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. Corteva’s dividend payout ratio is currently 81.01%.

Hedge Funds Weigh In On Corteva

Several large investors have recently made changes to their positions in the business. &PARTNERS lifted its position in shares of Corteva by 4.3% during the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock worth $278,000 after purchasing an additional 200 shares during the last quarter. Essex Financial Services Inc. lifted its position in shares of Corteva by 3.2% during the 3rd quarter. Essex Financial Services Inc. now owns 6,883 shares of the company’s stock worth $352,000 after purchasing an additional 215 shares during the last quarter. Baxter Bros Inc. increased its stake in Corteva by 1.2% during the fourth quarter. Baxter Bros Inc. now owns 17,576 shares of the company’s stock valued at $842,000 after acquiring an additional 215 shares during the period. Albion Financial Group UT increased its stake in Corteva by 77.2% during the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after acquiring an additional 220 shares during the period. Finally, NewSquare Capital LLC increased its stake in Corteva by 70.6% during the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock valued at $28,000 after acquiring an additional 226 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.