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

Corteva, Inc. (NYSE:CTVA)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $70.29 and last traded at $70.15, with a volume of 1199759 shares changing hands. The stock had previously closed at $69.06.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of recent research reports. Barclays increased their price objective on shares of Corteva from $64.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. Bank of America increased their target price on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Morgan Stanley lifted their price target on Corteva from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Friday, May 9th. BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. Finally, KeyCorp raised their price objective on Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average target price of $70.50.

Corteva Stock Performance

The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a market cap of $47.90 billion, a PE ratio of 54.48, a P/E/G ratio of 1.68 and a beta of 0.72. The firm’s 50-day simple moving average is $62.62 and its two-hundred day simple moving average is $61.34.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.88 by $0.25. The business had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 earnings per share. As a group, research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s payout ratio is 41.46%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CTVA. Flagship Wealth Advisors LLC purchased a new position in shares of Corteva during the 4th quarter valued at about $25,000. Noble Wealth Management PBC purchased a new position in Corteva during the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in Corteva in the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. purchased a new stake in Corteva in the 4th quarter worth approximately $27,000. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Corteva during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors 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.