Corteva (NYSE:CTVA) Sets New 52-Week High – Still a Buy?

Corteva, Inc. (NYSE:CTVA)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $59.87 and last traded at $59.72, with a volume of 142936 shares. The stock had previously closed at $59.12.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CTVA shares. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and increased their price target for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Citigroup began coverage on Corteva in a research note on Wednesday. They set a “buy” rating and a $68.00 price target on the stock. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp dropped their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva Price Performance

The firm has a market cap of $42.37 billion, a price-to-earnings ratio of 76.95, a PEG ratio of 1.66 and a beta of 0.77. The firm has a 50 day moving average of $56.84 and a 200 day moving average of $55.13. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter last year, the firm posted $1.60 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts predict that Corteva, Inc. will post 2.66 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is currently 86.08%.

Institutional Trading of Corteva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTVA. Redmont Wealth Advisors LLC acquired a new stake in Corteva in the first quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the 1st quarter worth about $25,000. Albion Financial Group UT lifted its holdings in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after purchasing an additional 220 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares in the last quarter. Finally, Cultivar Capital Inc. bought a new position in shares of Corteva during the second quarter valued at about $34,000. 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.