Corteva (NYSE:CTVA) Price Target Raised to $73.00 at Wells Fargo & Company

Corteva (NYSE:CTVA) had its price objective boosted by Wells Fargo & Company from $67.00 to $73.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on CTVA. 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. Citigroup reduced their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada lifted their price target on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Bank of America lifted their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.94.

Corteva Price Performance

Shares of NYSE CTVA opened at $64.26 on Tuesday. The stock has a market cap of $44.16 billion, a PE ratio of 64.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77. Corteva has a fifty-two week low of $45.30 and a fifty-two week high of $64.86. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a fifty day moving average of $59.71 and a 200-day moving average of $57.61.

Corteva declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. Corteva’s dividend payout ratio is presently 68.69%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Chicago Partners Investment Group LLC raised its position in shares of Corteva by 1.2% in the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock worth $759,000 after acquiring an additional 156 shares in the last quarter. Roble Belko & Company Inc raised its position in shares of Corteva by 5.5% in the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock worth $180,000 after acquiring an additional 166 shares in the last quarter. Rovin Capital UT ADV raised its position in shares of Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after acquiring an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC raised its position in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares in the last quarter. Finally, Proffitt & Goodson Inc. raised its position in shares of Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after acquiring an additional 174 shares in the last quarter. Hedge funds and other 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.