Corteva (NYSE:CTVA - Free Report) had its target price trimmed by UBS Group from $74.00 to $73.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other equities analysts have also recently issued reports on the company. Bank of America boosted their price objective on Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Wells Fargo & Company upped their price objective on Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 20th. Morgan Stanley reaffirmed an "overweight" rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. KeyCorp dropped their price target on shares of Corteva from $69.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Royal Bank of Canada upped their price objective 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. One equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $65.47.
Get Our Latest Stock Analysis on CTVA
Corteva Stock Down 0.2 %
NYSE CTVA traded down $0.11 on Friday, hitting $57.04. The stock had a trading volume of 3,886,457 shares, compared to its average volume of 2,891,093. The business's fifty day moving average price is $58.88 and its 200 day moving average price is $56.79. The stock has a market cap of $39.20 billion, a price-to-earnings ratio of 57.62, a price-to-earnings-growth ratio of 1.94 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 52-week low of $44.01 and a 52-week high of $64.20.
Corteva announced that its board has approved a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.
Corteva Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. Corteva's dividend payout ratio (DPR) is currently 68.69%.
Institutional Investors Weigh In On Corteva
A number of hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company's stock worth $2,015,914,000 after purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC grew its stake in Corteva by 2.0% during the third 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 in the last quarter. Franklin Resources Inc. grew its stake in Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company's stock valued at $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P increased its holdings in Corteva by 1.4% during the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company's stock worth $844,360,000 after acquiring an additional 200,917 shares during the period. Finally, FMR LLC boosted its holdings in Corteva by 1.9% in the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company's stock valued at $631,863,000 after purchasing an additional 203,126 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.
About Corteva
(
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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.
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