Corteva, Inc. (NYSE:CTVA) Receives $61.67 Consensus Price Target from Analysts

Shares of Corteva, Inc. (NYSE:CTVA) have been assigned a consensus recommendation of “Moderate Buy” from the twenty research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $61.67.

CTVA has been the subject of several recent research reports. OTR Global reiterated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Wells Fargo & Company dropped their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Mizuho lowered their price target on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. Finally, KeyCorp reduced their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Capital International Investors grew its stake in shares of Corteva by 47.2% during the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after acquiring an additional 8,260,808 shares in the last quarter. Norges Bank bought a new position in Corteva in the fourth quarter valued at $265,298,000. Harris Associates L P grew its position in Corteva by 87.1% in the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after purchasing an additional 4,194,981 shares in the last quarter. Anomaly Capital Management LP acquired a new stake in Corteva in the 2nd quarter valued at $188,578,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after buying an additional 3,254,126 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Price Performance

Shares of CTVA stock opened at $55.12 on Friday. The firm has a market cap of $38.41 billion, a price-to-earnings ratio of 69.77, a PEG ratio of 1.65 and a beta of 0.77. Corteva has a 12 month low of $43.22 and a 12 month high of $58.76. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average price of $53.78 and a 200 day moving average price of $54.60.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.60 EPS. Research analysts expect that Corteva will post 2.72 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, September 3rd. Corteva’s payout ratio is 86.08%.

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.