Corteva, Inc. (NYSE:CTVA) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Corteva, Inc. (NYSE:CTVA) have been assigned an average rating of “Moderate Buy” from the nineteen analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $65.41.

Several research firms have weighed in on CTVA. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Citigroup cut their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada boosted their price target 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. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, KeyCorp boosted their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st.

Corteva Price Performance

Shares of Corteva stock opened at $57.10 on Thursday. 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 has a 52 week low of $44.01 and a 52 week high of $64.20. The stock’s 50-day simple moving average is $59.03 and its 200-day simple moving average is $56.76. The company has a market capitalization of $39.24 billion, a price-to-earnings ratio of 57.68, a PEG ratio of 1.94 and a beta of 0.77.

Corteva announced that its board has authorized a share repurchase program 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Institutional Trading of Corteva

Several institutional investors and hedge funds have recently made changes to their positions in the business. Capital Advisors Ltd. LLC lifted its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva during the second quarter worth approximately $43,000. Chilton Capital Management LLC raised its stake in shares of Corteva by 354.7% during the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after acquiring an additional 759 shares in the last quarter. Bangor Savings Bank boosted its holdings in shares of Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in Corteva during the 3rd quarter worth $56,000. 81.54% of the stock is currently owned by institutional investors.

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.