Corteva (NYSE:CTVA) Sets New 1-Year High – Time to Buy?

Corteva, Inc. (NYSE:CTVA)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $73.99 and last traded at $73.74, with a volume of 576185 shares changing hands. The stock had previously closed at $72.43.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on shares of Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Citigroup lifted their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. The Goldman Sachs Group initiated coverage on Corteva in a research report on Thursday, March 13th. They set a “buy” rating and a $71.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and set a $75.00 target price (up previously from $72.00) on shares of Corteva in a report on Friday, May 9th. Finally, Argus raised Corteva from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a report on Monday, March 31st. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.92.

Corteva Stock Up 2.2%

The stock has a fifty day moving average price of $65.54 and a 200-day moving average price of $62.49. The firm has a market cap of $50.51 billion, a PE ratio of 57.43, a PEG ratio of 1.68 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45.

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

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.68 annualized dividend and a dividend yield of 0.92%. Corteva’s payout ratio is currently 41.46%.

Institutional Trading of Corteva

Large investors have recently bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new stake in Corteva during the 4th quarter worth $25,000. Noble Wealth Management PBC acquired a new position in shares of Corteva in the fourth quarter worth about $26,000. Pinney & Scofield Inc. acquired a new position in shares of Corteva in the fourth quarter worth about $27,000. Valley National Advisers Inc. grew its stake in Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock valued at $33,000 after purchasing an additional 243 shares in the last quarter. Finally, LGT Financial Advisors LLC acquired a new stake in Corteva during the 4th quarter valued at approximately $31,000. 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.