Corteva, Inc. (NYSE:CTVA) to Issue Quarterly Dividend of $0.17

Corteva, Inc. (NYSE:CTVA) declared a quarterly dividend on Tuesday, October 29th,RTT News reports. Investors of record on Monday, December 2nd will be given a dividend of 0.17 per share on Monday, December 16th. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd.

Corteva has increased its dividend by an average of 6.0% per year over the last three years. Corteva has a dividend payout ratio of 21.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Corteva to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 21.1%.

Corteva Stock Down 0.4 %

CTVA opened at $62.26 on Friday. Corteva has a twelve month low of $43.89 and a twelve month high of $64.20. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $59.24 and a 200 day moving average price of $55.98. The company has a market cap of $42.79 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77.

Analyst Ratings Changes

Several brokerages recently issued reports on CTVA. UBS Group upped their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price objective 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. Bank of America upped their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Oppenheimer reaffirmed 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. Finally, Royal Bank of Canada dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. One equities 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.com, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

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

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.