Corteva (NYSE:CTVA) Given New $69.00 Price Target at KeyCorp

Corteva (NYSE:CTVA) had its price target increased by KeyCorp from $66.00 to $69.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also issued reports on the stock. Citigroup initiated coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Stock Up 0.8 %

Shares of Corteva stock opened at $61.23 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. The stock has a 50 day moving average price of $58.69 and a two-hundred day moving average price of $55.77. The stock has a market capitalization of $42.08 billion, a P/E ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77. Corteva has a 12-month low of $43.89 and a 12-month high of $63.75.

Corteva Announces Dividend

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

Corteva announced that its board has authorized a share repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Corteva

Several large investors have recently modified their holdings of the stock. Anomaly Capital Management LP bought a new stake in shares of Corteva during the 2nd quarter worth $188,578,000. Vaughan Nelson Investment Management L.P. boosted its position in Corteva by 392.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after acquiring an additional 3,254,126 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corteva during the 3rd quarter worth approximately $99,869,000. Bank of New York Mellon Corp increased its position in Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after buying an additional 1,514,954 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in shares of Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after buying an additional 1,139,297 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

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.