Corteva (NYSE:CTVA) Price Target Raised to $67.00 at Wells Fargo & Company

Corteva (NYSE:CTVA) had its target price increased by Wells Fargo & Company from $65.00 to $67.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently weighed in on CTVA. Royal Bank of Canada lowered their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Citigroup began coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Barclays increased their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Finally, Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Trading Up 0.8 %

NYSE:CTVA opened at $61.23 on Wednesday. The firm has a fifty day simple moving average of $58.69 and a two-hundred day simple moving average of $55.79. Corteva has a 12 month low of $43.89 and a 12 month high of $63.75. The stock has a market capitalization of $42.08 billion, a price-to-earnings ratio of 61.85, a PEG ratio of 1.87 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its board has authorized a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. KBC Group NV raised its position in shares of Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after buying an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after acquiring an additional 41,943 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after purchasing an additional 141,898 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Corteva by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after purchasing an additional 845 shares during the last quarter. Finally, Anomaly Capital Management LP purchased a new position in shares of Corteva during the second quarter valued at about $188,578,000. 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.