Corteva (NYSE:CTVA) Price Target Raised to $73.00

Corteva (NYSE:CTVA) had its price objective raised by Royal Bank of Canada from $68.00 to $73.00 in a research note published on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other research firms have also issued reports on CTVA. KeyCorp raised their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company boosted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Citigroup dropped their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays upped their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.41.

Corteva Price Performance

NYSE CTVA opened at $56.16 on Thursday. The stock has a market capitalization of $38.60 billion, a PE ratio of 56.73, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva has a 12-month low of $44.01 and a 12-month high of $64.20. The company has a 50 day moving average price of $59.73 and a two-hundred day moving average price of $56.31. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Corteva

A number of hedge funds and other institutional investors have recently made changes to their positions in CTVA. KBC Group NV raised its position in shares of Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after purchasing an additional 66,052 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after buying an additional 141,898 shares during the period. Kingsview Wealth Management LLC grew its holdings in shares of Corteva by 468.8% during the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock worth $2,656,000 after buying an additional 37,239 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after buying an additional 845 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

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.