Brokerages Set Corteva, Inc. (NYSE:CTVA) Target Price at $65.41

Shares of Corteva, Inc. (NYSE:CTVA - Get Free Report) have been given a consensus rating of "Moderate Buy" by the nineteen ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $65.41.

CTVA has been the subject of several analyst reports. KeyCorp increased their target price on shares of Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a report on Thursday, November 21st. Royal Bank of Canada lifted their target price on shares of Corteva from $68.00 to $73.00 and gave the stock an "outperform" rating in a research report on Thursday, December 19th. Oppenheimer reaffirmed an "outperform" rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Wells Fargo & Company lifted their price target on Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. Finally, Citigroup cut their price objective on Corteva from $70.00 to $69.00 and set a "buy" rating on the stock in a research report on Wednesday, December 18th.

Corteva Stock Down 1.1 %

NYSE CTVA traded down $0.62 on Thursday, reaching $56.34. The company had a trading volume of 2,487,247 shares, compared to its average volume of 3,305,096. 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's fifty day moving average is $59.46 and its 200 day moving average is $56.61. Corteva has a 52-week low of $44.01 and a 52-week high of $64.20. The stock has a market capitalization of $38.72 billion, a P/E ratio of 56.91, a P/E/G ratio of 1.94 and a beta of 0.77.

Corteva Announces Dividend

The business also recently declared 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 1.21%. The ex-dividend date was Monday, December 2nd. Corteva's payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Several hedge funds have recently bought and sold shares of the company. Rovin Capital UT ADV boosted its holdings in Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock valued at $754,000 after purchasing an additional 168 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock valued at $33,000 after buying an additional 174 shares during the period. Proffitt & Goodson Inc. grew its position in Corteva by 2.2% during the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock worth $472,000 after buying an additional 174 shares in the last quarter. Pinnacle Bancorp Inc. increased its stake in Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock worth $57,000 after acquiring an additional 199 shares during the last quarter. Finally, Westhampton Capital LLC raised its holdings in shares of Corteva by 2.5% in the 3rd quarter. Westhampton Capital LLC now owns 8,641 shares of the company's stock valued at $508,000 after acquiring an additional 213 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

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.