Brokerages Set Corteva, Inc. (NYSE:CTVA) Price Target at $65.06

Corteva, Inc. (NYSE:CTVA - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nineteen ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $65.06.

A number of analysts have recently commented on the company. KeyCorp boosted their price objective on Corteva from $66.00 to $69.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. Wells Fargo & Company boosted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 20th. Oppenheimer restated an "outperform" rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. UBS Group boosted their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Barclays raised their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th.

Hedge Funds Weigh In On Corteva

Several institutional investors have recently bought and sold shares of CTVA. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. bought a new stake in Corteva during the second quarter valued at about $34,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva in the second quarter valued at about $43,000. Triad Wealth Partners LLC bought a new position in shares of Corteva in the second quarter worth about $45,000. Finally, Chilton Capital Management LLC lifted its position in shares of Corteva by 354.7% during the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company's stock worth $52,000 after purchasing an additional 759 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Price Performance

Shares of NYSE CTVA traded down $1.29 during mid-day trading on Friday, reaching $59.49. 2,953,720 shares of the company traded hands, compared to its average volume of 3,762,149. The firm has a market cap of $40.89 billion, a PE ratio of 60.09, a price-to-earnings-growth ratio of 1.98 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The stock has a fifty day simple moving average of $59.56 and a 200-day simple moving average of $56.12.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's payout ratio is presently 68.69%.

Corteva announced that its board has approved a stock buyback program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

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.