Corteva (NYSE:CTVA) Price Target Raised to $79.00

Corteva (NYSE:CTVA) had its price objective increased by Wells Fargo & Company from $73.00 to $79.00 in a research note released on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Corteva in a report on Friday, May 9th. Bank of America upped their target price on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. KeyCorp raised their price target on Corteva from $71.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Barclays upped their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Finally, UBS Group lifted their price objective on Corteva from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.50.

Corteva Stock Performance

NYSE CTVA opened at $67.59 on Monday. The business has a 50 day moving average price of $61.28 and a 200 day moving average price of $60.88. The company has a market capitalization of $46.16 billion, a P/E ratio of 52.40, a PEG ratio of 1.68 and a beta of 0.72. Corteva has a 1-year low of $50.01 and a 1-year high of $69.28. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. During the same quarter last year, the business posted $0.89 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts expect that Corteva will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s dividend payout ratio is currently 41.46%.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction 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. This represents a 70.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Flagship Wealth Advisors LLC purchased a new stake in Corteva during the 4th quarter worth $25,000. Noble Wealth Management PBC purchased a new stake in shares of Corteva in the fourth quarter worth about $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Corteva during the 4th quarter valued at about $27,000. Pinney & Scofield Inc. acquired a new position in Corteva during the 4th quarter worth approximately $27,000. Finally, LGT Financial Advisors LLC purchased a new position in Corteva in the 4th quarter worth approximately $31,000. 81.54% of the stock is owned by institutional investors and hedge funds.

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.