Citigroup Cuts Corteva (NYSE:CTVA) Price Target to $69.00

Corteva (NYSE:CTVA) had its target price decreased by Citigroup from $70.00 to $69.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

CTVA has been the subject of a number of other reports. Royal Bank of Canada reduced their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp lifted their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. UBS Group upped their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.41.

Corteva Stock Up 2.4 %

CTVA opened at $57.48 on Wednesday. The business has a 50 day moving average of $59.75 and a 200-day moving average of $56.33. The stock has a market capitalization of $39.51 billion, a price-to-earnings ratio of 58.06, a P/E/G ratio of 1.94 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 has a 1-year low of $44.01 and a 1-year high of $64.20.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently added to or reduced their stakes in the stock. Anomaly Capital Management LP bought a new position in shares of Corteva in the second quarter worth about $188,578,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Corteva in the 3rd quarter worth approximately $99,869,000. Bank of New York Mellon Corp lifted its holdings in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after buying an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. boosted its position in Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after buying an additional 1,139,297 shares during the last quarter. Finally, Natixis Advisors LLC increased its stake in shares of Corteva by 155.7% in the 2nd quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock valued at $91,389,000 after buying an additional 1,031,678 shares during the period. Institutional investors 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.