Corteva (NYSE:CTVA) Given New $74.00 Price Target at Citigroup

Corteva (NYSE:CTVA) had its price target boosted by Citigroup from $69.00 to $74.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. KeyCorp reduced their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Oppenheimer restated an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Barclays increased their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Royal Bank of Canada boosted their price objective on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, UBS Group lowered their target price 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average target price of $66.24.

Corteva Stock Down 1.3 %

CTVA stock opened at $65.26 on Wednesday. The firm has a market cap of $44.85 billion, a PE ratio of 65.92, a PEG ratio of 1.70 and a beta of 0.77. Corteva has a 1 year low of $45.46 and a 1 year high of $66.24. The company has a fifty day simple moving average of $60.06 and a 200 day simple moving average of $57.80. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 68.69%.

Corteva announced that its board has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTVA. Hager Investment Management Services LLC bought a new position in shares of Corteva during the 4th quarter worth approximately $27,000. Golden State Wealth Management LLC acquired a new position in Corteva during the fourth quarter worth $32,000. Capital Advisors Ltd. LLC boosted its stake in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. First Financial Corp IN bought a new stake in shares of Corteva in the 4th quarter worth about $35,000. Finally, Albion Financial Group UT increased its position in shares of Corteva by 112.6% during the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares in 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.