Corteva (NYSE:CTVA) Sets New 12-Month High – Here’s Why

Shares of Corteva, Inc. (NYSE:CTVA) hit a new 52-week high during trading on Thursday . The company traded as high as $64.23 and last traded at $64.19, with a volume of 3415430 shares trading hands. The stock had previously closed at $62.51.

Analysts Set New Price Targets

Several research firms have recently issued reports on CTVA. Royal Bank of Canada upped their price objective on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Barclays raised their price target on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday. UBS Group reduced their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, Citigroup reduced their price target on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $65.59.

Corteva Trading Up 2.7 %

The firm’s 50 day simple moving average is $59.25 and its two-hundred day simple moving average is $57.30. The stock has a market capitalization of $44.12 billion, a P/E ratio of 64.84, a P/E/G ratio of 1.64 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva announced that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CTVA. Capital Advisors Ltd. LLC raised its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. First Financial Corp IN purchased a new stake in shares of Corteva in the fourth quarter worth approximately $35,000. Albion Financial Group UT raised its stake in shares of Corteva by 112.6% in the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares during the last quarter. Bangor Savings Bank lifted its holdings in shares of 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 purchasing an additional 241 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Corteva during the third quarter worth $56,000. 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.