Wells Fargo & Company Boosts Corteva (NYSE:CTVA) Price Target to $73.00

Corteva (NYSE:CTVA - Free Report) had its price target raised by Wells Fargo & Company from $67.00 to $73.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also recently commented on CTVA. KeyCorp dropped their target price on shares of Corteva from $69.00 to $68.00 and set an "overweight" rating on the stock in a report on Friday, January 10th. UBS Group cut their price objective on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a report on Friday, January 10th. Barclays lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an "equal weight" rating in a report on Tuesday, January 21st. Royal Bank of Canada upped their price target on Corteva from $68.00 to $73.00 and gave the stock an "outperform" rating in a research note on Thursday, December 19th. Finally, Citigroup lowered their price objective on Corteva from $70.00 to $69.00 and set a "buy" rating for the company in a research note on Wednesday, December 18th. One 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $65.94.

Corteva Trading Down 0.3 %

Shares of NYSE:CTVA traded down $0.22 on Tuesday, hitting $64.26. The company had a trading volume of 3,155,542 shares, compared to its average volume of 2,898,785. The firm's 50-day simple moving average is $59.71 and its two-hundred day simple moving average is $57.61. The firm has a market capitalization of $44.16 billion, a price-to-earnings ratio of 64.90, a P/E/G ratio of 1.63 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva has a 1 year low of $45.30 and a 1 year high of $64.86.

Corteva declared that its board has initiated a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, March 3rd. Corteva's dividend payout ratio (DPR) is presently 68.69%.

Institutional Trading of Corteva

A number of hedge funds have recently bought and sold shares of CTVA. Tevis Investment Management increased its stake in shares of Corteva by 2.2% in the 4th quarter. Tevis Investment Management now owns 20,432 shares of the company's stock worth $1,164,000 after purchasing an additional 445 shares in the last quarter. Farmers & Merchants Investments Inc. grew its holdings in Corteva by 6.1% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 3,701 shares of the company's stock valued at $211,000 after purchasing an additional 213 shares during the period. Apollon Wealth Management LLC increased its position in Corteva by 10.9% in the fourth quarter. Apollon Wealth Management LLC now owns 6,891 shares of the company's stock worth $392,000 after buying an additional 678 shares in the last quarter. Cidel Asset Management Inc. raised its stake in shares of Corteva by 5.7% in the fourth quarter. Cidel Asset Management Inc. now owns 3,756 shares of the company's stock worth $214,000 after buying an additional 204 shares during the period. Finally, Golden State Wealth Management LLC purchased a new position in shares of Corteva during the 4th quarter valued at about $32,000. 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.