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

Shares of Corteva, Inc. (NYSE:CTVA) have earned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $68.00.

A number of equities research analysts have weighed in on CTVA shares. Bank of America upped their price target on shares of Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. The Goldman Sachs Group started coverage on shares of Corteva in a report on Thursday, March 13th. They issued a “buy” rating and a $71.00 price target for the company. BNP Paribas raised shares of Corteva to a “hold” rating in a report on Monday, February 10th. Royal Bank of Canada upped their price target on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Citigroup boosted their price objective on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th.

Corteva Stock Performance

CTVA stock opened at $61.67 on Tuesday. The company has a market capitalization of $42.28 billion, a P/E ratio of 47.81, a PEG ratio of 1.68 and a beta of 0.79. The company has a 50-day simple moving average of $62.05 and a 200 day simple moving average of $59.74. Corteva has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Sell-side analysts predict that Corteva will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.17 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.10%. Corteva’s dividend payout ratio is 52.71%.

Corteva declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corteva

Large investors have recently made changes to their positions in the company. Flagship Wealth Advisors LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $25,000. Noble Wealth Management PBC bought a new stake in Corteva during the fourth quarter worth approximately $26,000. Pinney & Scofield Inc. bought a new stake in Corteva during the fourth quarter worth approximately $27,000. Hager Investment Management Services LLC bought a new stake in Corteva during the fourth quarter worth approximately $27,000. Finally, LGT Financial Advisors LLC bought a new stake in Corteva during the fourth quarter worth approximately $31,000. Institutional investors own 81.54% of the company’s stock.

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.