Corteva (NYSE:CTVA) to Repurchase $3.00 billion in Shares

Corteva (NYSE:CTVA) announced that its board has approved a stock repurchase program on Tuesday, November 19th, RTT News reports. The company plans to buyback $3.00 billion in shares. This buyback authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently issued reports on CTVA shares. UBS Group lifted their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp reduced their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Barclays boosted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.68.

Corteva Trading Up 2.2 %

CTVA opened at $58.25 on Wednesday. The firm’s fifty day moving average price is $58.42 and its 200 day moving average price is $55.70. Corteva has a 12-month low of $43.89 and a 12-month high of $63.75. The stock has a market capitalization of $40.03 billion, a PE ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. Corteva’s dividend payout ratio (DPR) is 68.69%.

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.