Corteva (NYSE:CTVA) Given New $67.00 Price Target at Wells Fargo & Company

Corteva (NYSE:CTVA) had its price target hoisted by Wells Fargo & Company from $65.00 to $67.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Barclays lifted their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Citigroup began coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Performance

Shares of CTVA opened at $61.23 on Wednesday. Corteva has a 1 year low of $43.89 and a 1 year high of $63.75. The company’s 50 day simple moving average is $58.69 and its 200 day simple moving average is $55.77. The company has a market capitalization of $42.08 billion, a price-to-earnings ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s payout ratio is 68.69%.

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

Institutional Trading of Corteva

A number of hedge funds and other institutional investors have recently made changes to their positions in CTVA. KBC Group NV boosted its stake in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after purchasing an additional 41,943 shares during the period. Thrivent Financial for Lutherans increased its stake in Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after purchasing an additional 141,898 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Corteva by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after buying an additional 845 shares during the period. Finally, Anomaly Capital Management LP purchased a new stake in Corteva during the second quarter valued at about $188,578,000. 81.54% of the stock is currently owned by institutional investors.

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.