Corteva (NYSE:CTVA) Receives Overweight Rating from Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Corteva (NYSE:CTVA) in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a $65.00 target price on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. cut their price target on Corteva from $57.00 to $55.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. OTR Global reissued a negative rating on shares of Corteva in a report on Friday, June 7th. Argus cut shares of Corteva from a buy rating to a hold rating in a research note on Wednesday, August 7th. Wells Fargo & Company decreased their target price on shares of Corteva from $67.00 to $65.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Finally, KeyCorp lowered their price target on shares of Corteva from $66.00 to $62.00 and set an overweight rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $61.94.

Corteva Stock Up 1.0 %

Shares of CTVA stock opened at $58.58 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $59.08. The firm has a market capitalization of $40.83 billion, a PE ratio of 74.15, a P/E/G ratio of 1.68 and a beta of 0.77. The stock’s 50-day simple moving average is $55.02 and its 200-day simple moving average is $54.88.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm posted $1.60 EPS. Equities analysts expect that Corteva will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.16%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is presently 86.08%.

Institutional Trading of Corteva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTVA. Redmont Wealth Advisors LLC acquired a new stake in shares of Corteva in the first quarter valued at $25,000. Acadian Asset Management LLC acquired a new position in Corteva in the 1st quarter valued at about $25,000. Rise Advisors LLC increased its stake in Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the period. ICA Group Wealth Management LLC acquired a new stake in shares of Corteva during the fourth quarter worth about $28,000. Finally, Scarborough Advisors LLC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $29,000. Hedge funds and other 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.