Corteva (NYSE:CTVA) Given New $64.00 Price Target at Barclays

Corteva (NYSE:CTVA) had its price target raised by Barclays from $62.00 to $64.00 in a report released on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other equities analysts have also commented on the company. UBS Group cut their price target on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Citigroup dropped their target price on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada upped their price objective on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company increased their price target on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $64.19 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market cap of $44.12 billion, a PE ratio of 64.84, a price-to-earnings-growth ratio of 1.64 and a beta of 0.77. The firm’s 50 day simple moving average is $59.25 and its 200-day simple moving average is $57.30. Corteva has a one year low of $44.91 and a one year high of $64.23.

Corteva announced that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently bought and sold shares of CTVA. American Century Companies Inc. boosted its holdings in Corteva by 3.8% in the second quarter. American Century Companies Inc. now owns 117,070 shares of the company’s stock valued at $6,315,000 after purchasing an additional 4,255 shares during the last quarter. AE Wealth Management LLC lifted its stake in shares of Corteva by 6.2% in the 2nd quarter. AE Wealth Management LLC now owns 9,138 shares of the company’s stock valued at $493,000 after purchasing an additional 534 shares during the period. ProShare Advisors LLC grew its position in Corteva by 13.5% during the second quarter. ProShare Advisors LLC now owns 125,770 shares of the company’s stock valued at $6,784,000 after buying an additional 14,968 shares during the period. Frank Rimerman Advisors LLC raised its position in shares of Corteva by 10,695.2% in the second quarter. Frank Rimerman Advisors LLC now owns 4,534 shares of the company’s stock worth $245,000 after acquiring an additional 4,492 shares during the period. Finally, 1832 Asset Management L.P. boosted its stake in shares of Corteva by 91,373.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 85,070 shares of the company’s stock worth $4,589,000 after acquiring an additional 84,977 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.