Corteva, Inc. (NYSE:CTVA) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Corteva, Inc. (NYSE:CTVA) have been assigned a consensus recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $65.06.

Several brokerages recently commented on CTVA. UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada lowered their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Bank of America raised their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. KeyCorp increased their price target on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th.

Institutional Investors Weigh In On Corteva

Institutional investors have recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC boosted its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of Corteva in the 2nd quarter worth about $34,000. Redwood Wealth Management Group LLC bought a new stake in Corteva during the second quarter worth about $43,000. Triad Wealth Partners LLC purchased a new position in Corteva in the second quarter worth about $45,000. Finally, Bangor Savings Bank raised its holdings in Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Stock Down 0.8 %

CTVA opened at $59.30 on Friday. Corteva has a 1-year low of $44.01 and a 1-year high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $40.76 billion, a price-to-earnings ratio of 59.90, a P/E/G ratio of 1.93 and a beta of 0.77. The business has a 50 day moving average of $59.63 and a 200-day moving average of $56.20.

Corteva announced that its Board of Directors has initiated a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

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.