Corteva (NYSE:CTVA) Given New $71.00 Price Target at Morgan Stanley

Corteva (NYSE:CTVAFree Report) had its price objective increased by Morgan Stanley from $65.00 to $71.00 in a research note published on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

CTVA has been the topic of a number of other reports. Barclays upped 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. UBS Group upped their price objective on shares of Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday. Bank of America lifted their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Oppenheimer boosted their price target on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, BNP Paribas upgraded Corteva to a “hold” rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average price target of $69.64.

View Our Latest Research Report on Corteva

Corteva Price Performance

CTVA stock opened at $67.70 on Friday. The stock’s 50 day moving average price is $60.87 and its 200 day moving average price is $60.74. The firm has a market cap of $46.24 billion, a P/E ratio of 52.48, a PEG ratio of 1.68 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva has a 1 year low of $50.01 and a 1 year high of $67.93.

Corteva (NYSE:CTVAGet Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.25. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.89 earnings per share. On average, sell-side analysts expect that Corteva will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.00%. Corteva’s dividend payout ratio is currently 41.46%.

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares in the company, valued at $723,257.78. The trade was a 70.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Corteva

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Corteva by 0.8% in the first quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock valued at $5,022,736,000 after acquiring an additional 639,799 shares in the last quarter. Independent Franchise Partners LLP grew its holdings in Corteva by 51.5% during the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company’s stock worth $939,641,000 after acquiring an additional 5,604,838 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Corteva by 9.2% in the 4th quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company’s stock worth $919,507,000 after purchasing an additional 1,354,418 shares during the last quarter. Capital World Investors raised its stake in shares of Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock valued at $729,780,000 after purchasing an additional 12,381,436 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Corteva by 5.5% during the fourth quarter. Northern Trust Corp now owns 11,648,890 shares of the company’s stock worth $663,521,000 after purchasing an additional 608,898 shares during the last quarter. 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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