KeyCorp Has Lowered Expectations for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its price objective decreased by KeyCorp from $69.00 to $68.00 in a report released on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Oppenheimer restated an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Citigroup cut their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. Bank of America raised their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Wells Fargo & Company boosted their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

Corteva Price Performance

Shares of NYSE CTVA opened at $57.04 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $39.20 billion, a PE ratio of 57.62, a PEG ratio of 1.94 and a beta of 0.77. Corteva has a 1-year low of $44.01 and a 1-year high of $64.20. The company has a fifty day moving average price of $58.88 and a 200 day moving average price of $56.79.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC increased its holdings in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva during the 2nd quarter worth approximately $43,000. Bangor Savings Bank increased its stake in Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after acquiring an additional 241 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in Corteva during the third quarter valued at approximately $56,000. Finally, Pinnacle Bancorp Inc. lifted its stake in Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.