Corteva (NYSE:CTVA) Reaches New 52-Week High Following Analyst Upgrade

Shares of Corteva, Inc. (NYSE:CTVA) hit a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $79.00 to $82.00. Wells Fargo & Company currently has an overweight rating on the stock. Corteva traded as high as $74.86 and last traded at $74.60, with a volume of 465967 shares trading hands. The stock had previously closed at $73.72.

CTVA has been the topic of a number of other research reports. Barclays raised their target price on shares of Corteva from $64.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. Citigroup raised their target price on shares of Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, May 9th. KeyCorp raised their target price on shares of Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Argus raised shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research note on Monday, March 31st. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Corteva in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.08.

Institutional Investors Weigh In On Corteva

Large investors have recently added to or reduced their stakes in the company. Ancora Advisors LLC lifted its stake in shares of Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after acquiring an additional 150 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Corteva by 0.5% in the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after acquiring an additional 152 shares during the period. Plancorp LLC lifted its stake in shares of Corteva by 2.3% in the 1st quarter. Plancorp LLC now owns 7,156 shares of the company’s stock worth $450,000 after acquiring an additional 158 shares during the period. Lake Street Advisors Group LLC lifted its stake in shares of Corteva by 3.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock worth $257,000 after acquiring an additional 160 shares during the period. Finally, Legacy Financial Advisors Inc. raised its holdings in shares of Corteva by 4.4% in the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock worth $237,000 after purchasing an additional 160 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average is $67.70 and its 200 day moving average is $63.09. The firm has a market capitalization of $50.05 billion, a P/E ratio of 44.74, a P/E/G ratio of 1.90 and a beta of 0.75.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.25. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the previous year, the firm earned $0.89 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.93%. Corteva’s payout ratio is currently 41.46%.

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.