Corteva (NYSE:CTVA) Price Target Raised to $73.00 at Bank of America

Corteva (NYSE:CTVA) had its target price lifted by Bank of America from $69.00 to $73.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada upped their price objective on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Oppenheimer upped their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. UBS Group cut their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Finally, Citigroup lifted their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $67.56.

Corteva Price Performance

Shares of NYSE CTVA opened at $63.01 on Tuesday. The stock has a market cap of $43.31 billion, a P/E ratio of 48.85, a P/E/G ratio of 1.85 and a beta of 0.78. Corteva has a twelve month low of $50.01 and a twelve month high of $66.24. The stock has a 50 day moving average of $60.22 and a two-hundred day moving average of $58.30. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. On average, research analysts forecast that Corteva will post 2.83 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.08%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is 52.71%.

Corteva announced that its board has approved a stock 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 repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

Large investors have recently added to or reduced their stakes in the business. KBC Group NV lifted its holdings in shares of Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares in the last quarter. Oak Thistle LLC purchased a new stake in Corteva in the 4th quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. grew its holdings in Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after buying an additional 66,052 shares during the last quarter. Swedbank AB raised its holdings in shares of Corteva by 51.9% in the fourth quarter. Swedbank AB now owns 695,641 shares of the company’s stock worth $39,624,000 after acquiring an additional 237,764 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Corteva by 755.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock valued at $31,486,000 after acquiring an additional 488,181 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.