Bank of America Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target boosted by Bank of America from $67.00 to $69.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on CTVA. KeyCorp decreased their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company upped their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup initiated coverage on shares of Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. UBS Group upped their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $64.33.

Corteva Stock Up 0.8 %

CTVA stock opened at $61.23 on Wednesday. The firm has a market cap of $42.08 billion, a PE ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77. Corteva has a 1 year low of $43.89 and a 1 year high of $63.75. The company has a fifty day simple moving average of $58.69 and a 200 day simple moving average of $55.77. 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 announced that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

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 given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Hedge Funds Weigh In On Corteva

A number of hedge funds and other institutional investors have recently made changes to their positions in CTVA. Acadian Asset Management LLC acquired a new position in Corteva in the first quarter worth about $25,000. Covestor Ltd raised its holdings in shares of Corteva by 370.7% in the 1st quarter. Covestor Ltd now owns 1,544 shares of the company’s stock worth $89,000 after buying an additional 1,216 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Corteva during the 1st quarter worth approximately $227,000. Pitcairn Co. boosted its stake in Corteva by 5.7% in the 1st quarter. Pitcairn Co. now owns 5,211 shares of the company’s stock valued at $301,000 after buying an additional 280 shares in the last quarter. Finally, Crewe Advisors LLC bought a new stake in Corteva in the first quarter valued at $72,000. 81.54% of the stock is 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.