Corteva’s (CTVA) “Overweight” Rating Reiterated at Morgan Stanley

Morgan Stanley restated their overweight rating on shares of Corteva (NYSE:CTVA) in a report published on Tuesday, Benzinga reports. The firm currently has a $65.00 price target on the stock.

Several other research analysts also recently commented on CTVA. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company cut their target price on shares of Corteva from $67.00 to $65.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Mizuho decreased their price target on shares of Corteva from $61.00 to $60.00 and set a buy rating on the stock in a research report on Tuesday, June 18th. Argus lowered shares of Corteva from a buy rating to a hold rating in a research report on Wednesday, August 7th. Finally, OTR Global reissued a negative rating on shares of Corteva in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Corteva has an average rating of Moderate Buy and a consensus target price of $61.94.

Corteva Trading Up 1.5 %

Shares of CTVA stock opened at $58.02 on Tuesday. Corteva has a 12 month low of $43.22 and a 12 month high of $58.92. The company has a market cap of $40.44 billion, a PE ratio of 73.44, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $54.89 and its two-hundred day moving average is $54.84.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same period last year, the business posted $1.60 EPS. Corteva’s revenue was up 1.1% compared to the same quarter last year. Equities analysts predict that Corteva will post 2.69 EPS for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Institutional Investors Weigh In On Corteva

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital International Investors lifted its position in shares of Corteva by 2.6% during the first quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock worth $1,524,648,000 after purchasing an additional 678,722 shares in the last quarter. Northern Trust Corp lifted its holdings in Corteva by 2.5% during the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock worth $614,133,000 after buying an additional 310,012 shares in the last quarter. Van ECK Associates Corp boosted its position in Corteva by 7.2% in the 1st quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock valued at $527,409,000 after buying an additional 617,030 shares during the last quarter. Harris Associates L P increased its stake in shares of Corteva by 87.1% in the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after buying an additional 4,194,981 shares during the period. Finally, Putnam Investments LLC raised its position in shares of Corteva by 12.9% during the fourth quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock worth $428,902,000 after acquiring an additional 1,021,733 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.