Bank of America Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its target price boosted by Bank of America from $67.00 to $69.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Wells Fargo & Company increased their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays boosted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Finally, KeyCorp reduced their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $63.89.

Corteva Trading Up 0.9 %

NYSE:CTVA opened at $58.77 on Wednesday. The stock has a market cap of $40.39 billion, a PE ratio of 59.36, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77. Corteva has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. 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’s 50-day moving average is $58.49 and its two-hundred day moving average is $55.72.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.16%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in shares of Corteva during the 1st quarter worth about $25,000. Covestor Ltd increased its stake in Corteva by 370.7% during the first quarter. Covestor Ltd now owns 1,544 shares of the company’s stock valued at $89,000 after acquiring an additional 1,216 shares during the period. Lake Street Advisors Group LLC acquired a new position in Corteva in the 1st quarter valued at approximately $227,000. Pitcairn Co. lifted its position in shares of Corteva by 5.7% in the 1st quarter. Pitcairn Co. now owns 5,211 shares of the company’s stock worth $301,000 after acquiring an additional 280 shares during the period. Finally, Crewe Advisors LLC bought a new stake in shares of Corteva in the 1st quarter worth approximately $72,000. Institutional investors and hedge funds 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.