Corteva (NYSE:CTVA) Reaches New 12-Month High Following Dividend Announcement

Corteva, Inc. (NYSE:CTVA) shares hit a new 52-week high during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $61.37 and last traded at $61.29, with a volume of 271338 shares changing hands. The stock had previously closed at $61.13.

The newly announced dividend which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva’s dividend payout ratio (DPR) is currently 86.08%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and increased their target price for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. Wells Fargo & Company cut their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $62.84.

Corteva Trading Down 0.5 %

The firm has a fifty day moving average of $57.41 and a 200 day moving average of $55.24. The firm has a market capitalization of $42.38 billion, a PE ratio of 76.96, a P/E/G ratio of 1.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts expect that Corteva, Inc. will post 2.66 EPS for the current year.

Institutional Investors Weigh In On Corteva

A number of institutional investors have recently modified their holdings of the stock. Old North State Wealth Management LLC grew its position in shares of Corteva by 33.5% during the 3rd quarter. Old North State Wealth Management LLC now owns 6,432 shares of the company’s stock valued at $379,000 after buying an additional 1,613 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after purchasing an additional 213,872 shares during the last quarter. Confluence Wealth Services Inc. grew its holdings in shares of Corteva by 3.4% during the third quarter. Confluence Wealth Services Inc. now owns 9,937 shares of the company’s stock valued at $584,000 after purchasing an additional 330 shares during the last quarter. Pure Financial Advisors LLC acquired a new stake in shares of Corteva during the 3rd quarter worth approximately $217,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Corteva by 26.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,210 shares of the company’s stock worth $248,000 after purchasing an additional 881 shares during the last quarter. Institutional investors and hedge funds 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.