Corteva (NYSE:CTVA) Price Target Raised to $69.00

Corteva (NYSE:CTVA - Free Report) had its target price boosted by KeyCorp from $66.00 to $69.00 in a report published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also weighed in on CTVA. Oppenheimer reissued an "outperform" rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Barclays lifted their price target on Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th. Bank of America raised their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Royal Bank of Canada dropped their price target on shares of Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, Corteva has an average rating of "Moderate Buy" and a consensus target price of $64.26.

Corteva Price Performance

CTVA stock traded up $2.16 during mid-day trading on Thursday, reaching $60.92. The company's stock had a trading volume of 3,112,704 shares, compared to its average volume of 3,283,936. The stock has a market cap of $41.87 billion, a PE ratio of 59.36, a P/E/G ratio of 1.87 and a beta of 0.77. The company's 50 day moving average is $58.49 and its two-hundred day moving average is $55.72. Corteva has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva's dividend payout ratio (DPR) is 68.69%.

Corteva announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Several hedge funds and other institutional investors have recently made changes to their positions in CTVA. M&T Bank Corp lifted its position in shares of Corteva by 0.8% during the 3rd quarter. M&T Bank Corp now owns 2,077,000 shares of the company's stock worth $122,107,000 after purchasing an additional 16,087 shares during the last quarter. TCW Group Inc. raised its stake in Corteva by 2.4% in the third quarter. TCW Group Inc. now owns 81,477 shares of the company's stock valued at $4,790,000 after buying an additional 1,880 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Corteva by 0.8% during the 3rd quarter. Toronto Dominion Bank now owns 349,596 shares of the company's stock worth $20,553,000 after buying an additional 2,660 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Corteva by 2.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 12,931 shares of the company's stock worth $759,000 after acquiring an additional 350 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company's stock valued at $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

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.