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

Corteva, Inc. (NYSE:CTVA) has earned an average rating of “Moderate Buy” from the nineteen brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $65.41.

A number of brokerages recently commented on CTVA. Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Citigroup cut their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Royal Bank of Canada upped their price target on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th.

Institutional Trading of Corteva

Several hedge funds have recently made changes to their positions in the company. Anomaly Capital Management LP purchased a new position in shares of Corteva during the 2nd quarter worth $188,578,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Corteva in the third quarter valued at about $99,869,000. Franklin Resources Inc. boosted its stake in Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after buying an additional 856,007 shares during the period. Bank of Montreal Can increased its position in shares of Corteva by 370.6% during the second quarter. Bank of Montreal Can now owns 1,074,361 shares of the company’s stock valued at $57,951,000 after acquiring an additional 846,065 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 0.7 %

Shares of Corteva stock opened at $56.96 on Thursday. The firm’s 50 day simple moving average is $59.46 and its two-hundred day simple moving average is $56.61. The firm has a market capitalization of $39.15 billion, a price-to-earnings ratio of 57.54, a PEG ratio of 1.94 and a beta of 0.77. Corteva has a 12-month low of $44.01 and a 12-month high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its Board of Directors has authorized 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 buy up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

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

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.