Corteva (NYSE:CTVA) Hits New 1-Year High – What’s Next?

Corteva, Inc. (NYSE:CTVA) shares hit a new 52-week high on Monday . The company traded as high as $63.76 and last traded at $63.65, with a volume of 4112718 shares changing hands. The stock had previously closed at $61.23.

Analysts Set New Price Targets

CTVA has been the subject of several research reports. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Barclays lifted their target price on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Wells Fargo & Company upped their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. Finally, Bank of America upped their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average target price of $64.33.

Corteva Trading Down 1.2 %

The firm has a market capitalization of $42.95 billion, a P/E ratio of 63.12, a PEG ratio of 2.08 and a beta of 0.77. The business has a 50-day moving average price of $59.07 and a 200-day moving average price of $55.90. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is 68.69%.

Corteva announced that its board has authorized a share repurchase 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 typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter worth $25,000. Price T Rowe Associates Inc. MD increased its position in shares of Corteva by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 983,916 shares of the company’s stock worth $56,743,000 after purchasing an additional 4,498 shares in the last quarter. Ancora Advisors LLC lifted its holdings in Corteva by 13.6% during the 1st quarter. Ancora Advisors LLC now owns 18,606 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,225 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in Corteva by 6.9% in the first quarter. B. Riley Wealth Advisors Inc. now owns 15,125 shares of the company’s stock valued at $872,000 after buying an additional 971 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Corteva by 5.3% during the first quarter. Tidal Investments LLC now owns 104,543 shares of the company’s stock worth $6,029,000 after buying an additional 5,301 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.