Corteva, Inc. (CTVA) to Issue Quarterly Dividend of $0.17 on December 16th

Corteva, Inc. (NYSE:CTVA) declared a quarterly dividend on Tuesday, October 29th,RTT News reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.17 per share on Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 1.09%. The ex-dividend date is Monday, December 2nd.

Corteva has increased its dividend payment by an average of 6.0% annually over the last three years. Corteva has a dividend payout ratio of 21.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Corteva to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 21.1%.

Corteva Price Performance

NYSE CTVA opened at $62.26 on Friday. The firm’s fifty day simple moving average is $59.24 and its two-hundred day simple moving average is $55.98. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva has a 12-month low of $43.89 and a 12-month high of $64.20. The firm has a market capitalization of $42.79 billion, a P/E ratio of 62.89, a P/E/G ratio of 2.03 and a beta of 0.77.

Corteva declared that its board has initiated a stock buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CTVA shares. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp boosted their price objective on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Finally, Bank of America boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average price target of $65.06.

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.