Corteva (NYSE:CTVA) Hits New 52-Week High – What’s Next?

Corteva, Inc. (NYSE:CTVA) hit a new 52-week high on Thursday . The company traded as high as $59.11 and last traded at $59.11, with a volume of 128086 shares. The stock had previously closed at $58.95.

Wall Street Analyst Weigh In

Several research firms recently commented on CTVA. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $67.00 in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company dropped their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. KeyCorp dropped their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $62.21.

Corteva Trading Down 0.4 %

The stock has a market cap of $40.91 billion, a P/E ratio of 74.62, a PEG ratio of 1.66 and a beta of 0.77. The firm’s fifty day moving average price is $56.05 and its two-hundred day moving average price is $55.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. The firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.60 earnings per share. As a group, equities research analysts forecast that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is presently 86.08%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTVA. Redmont Wealth Advisors LLC bought a new position in Corteva in the first quarter valued at $25,000. Acadian Asset Management LLC bought a new position in Corteva in the first quarter valued at $25,000. Rise Advisors LLC increased its stake in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after acquiring an additional 454 shares during the last quarter. Albion Financial Group UT grew its stake in shares of Corteva by 77.2% during the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares during the last quarter. Finally, Ironwood Wealth Management Inc. grew its stake in shares of Corteva by 106.1% during the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock valued at $31,000 after buying an additional 280 shares during the last quarter. 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.