Corteva (NYSE:CTVA) Price Target Raised to $81.00

Corteva (NYSE:CTVA) had its price target boosted by Wolfe Research from $80.00 to $81.00 in a report issued on Friday,MarketScreener reports. Wolfe Research currently has an outperform rating on the stock.

A number of other research firms have also recently commented on CTVA. Zacks Research cut Corteva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 30th. Jefferies Financial Group dropped their price objective on Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Wells Fargo & Company reduced their target price on Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, BNP Paribas Exane upped their price objective on shares of Corteva from $70.00 to $72.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. Sixteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $78.84.

Corteva Stock Down 1.2%

CTVA stock opened at $69.65 on Friday. The company has a market capitalization of $47.06 billion, a P/E ratio of 29.77, a price-to-earnings-growth ratio of 1.41 and a beta of 0.74. Corteva has a 12 month low of $53.40 and a 12 month high of $77.41. The firm’s fifty day simple moving average is $66.79 and its 200-day simple moving average is $68.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.47 billion. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.49) earnings per share. As a group, equities research analysts forecast that Corteva will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, December 1st. Corteva’s dividend payout ratio (DPR) is 30.77%.

Institutional Investors Weigh In On Corteva

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Corteva by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock worth $5,976,436,000 after acquiring an additional 373,680 shares during the period. State Street Corp increased its position in Corteva by 3.6% during the third quarter. State Street Corp now owns 35,280,805 shares of the company’s stock worth $2,386,041,000 after purchasing an additional 1,230,074 shares during the last quarter. Franklin Resources Inc. raised its stake in Corteva by 5.9% during the third quarter. Franklin Resources Inc. now owns 18,731,627 shares of the company’s stock worth $1,266,820,000 after purchasing an additional 1,051,389 shares during the period. Geode Capital Management LLC boosted its holdings in Corteva by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock valued at $1,339,651,000 after purchasing an additional 251,693 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Corteva by 1.8% in the 3rd quarter. Northern Trust Corp now owns 11,169,284 shares of the company’s stock valued at $755,379,000 after purchasing an additional 194,728 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.