Corteva (NYSE:CTVA) Hits New 52-Week High on Analyst Upgrade

Corteva, Inc. (NYSE:CTVA)’s share price reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $69.00 to $74.00. Citigroup currently has a buy rating on the stock. Corteva traded as high as $64.86 and last traded at $64.26, with a volume of 3155542 shares trading hands. The stock had previously closed at $64.47.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company boosted their price objective on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday. Oppenheimer restated an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Finally, KeyCorp reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.24.

Hedge Funds Weigh In On Corteva

Several hedge funds and other institutional investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC grew its position in Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after acquiring an additional 156 shares in the last quarter. Avidian Wealth Enterprises LLC increased its stake in Corteva by 3.6% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock worth $258,000 after buying an additional 157 shares during the period. Beacon Capital Management LLC lifted its holdings in Corteva by 13.4% in the 4th quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock worth $76,000 after buying an additional 158 shares in the last quarter. Roble Belko & Company Inc boosted its position in Corteva by 5.5% in the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock valued at $180,000 after buying an additional 166 shares during the last quarter. Finally, Rovin Capital UT ADV boosted its position in Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after buying an additional 168 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a 50-day moving average price of $59.96 and a 200-day moving average price of $57.74. The firm has a market capitalization of $45.46 billion, a PE ratio of 66.81, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 68.69%.

Corteva announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

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.