Corteva (NYSE:CTVA) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen downgraded shares of Corteva (NYSE:CTVA) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently issued reports on CTVA. Mizuho set a $16.00 price target on Corteva in a report on Thursday. New Street Research set a $17.00 price objective on Corteva in a report on Monday, October 5th. The Goldman Sachs Group reissued a “buy” rating and issued a $20.00 target price on shares of Corteva in a research report on Thursday, October 8th. Bank of America upped their target price on shares of Corteva from $90.00 to $96.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Morgan Stanley restated an “overweight” rating and set a $18.00 target price on shares of Corteva in a research note on Friday, October 2nd. Fifteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.60.

Corteva Stock Up 2.4%

Shares of Corteva stock traded up $0.23 on Friday, reaching $9.41. The company’s stock had a trading volume of 28,888,260 shares, compared to its average volume of 21,957,566. Corteva has a 52 week low of $9.01 and a 52 week high of $90.97. The firm’s fifty day simple moving average is $37.22 and its two-hundred day simple moving average is $69.57. The company has a quick ratio of 1.10, a current ratio of 1.56 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of 4.96, a P/E/G ratio of 1.72 and a beta of 0.58.

Corteva Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 1st. This is a negative change from Corteva’s previous quarterly dividend of $0.18. Corteva’s payout ratio is currently 47.68%.

Hedge Funds Weigh In On Corteva

A number of institutional investors and hedge funds have recently modified their holdings of CTVA. BlackRock Inc. bought a new stake in shares of Corteva in the second quarter worth $4,560,180,000. Wellington Management Group LLP lifted its holdings in Corteva by 941.7% in the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock valued at $644,720,000 after acquiring an additional 6,881,875 shares during the period. Royal Bank of Canada lifted its holdings in Corteva by 202.1% in the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock valued at $624,362,000 after acquiring an additional 4,989,371 shares during the period. Jupiter Topco LLC bought a new position in Corteva in the second quarter valued at about $544,246,000. Finally, Bank of America Corp DE purchased a new position in Corteva in the second quarter worth about $484,927,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva News Roundup

Here’s some of the latest news about CTVA:

• Neutral Sentiment: Several analysts lowered price targets following the outlook reset. Citigroup and UBS kept neutral ratings, while JPMorgan maintained overweight and RBC kept outperform ratings, signaling some analysts still see potential upside from recent levels. Read More. · Read More. · Read More. · Read More.
• Negative Sentiment: The earnings miss and lowered full-year outlook are the key near-term headwinds, with Brazil weakness and competitive pricing hurting results. Reuters report on Brazil weakness and forecast cut
• Negative Sentiment: Law firms announced investigations into potential securities-law violations related to company disclosures. These are allegations under investigation, not findings of wrongdoing, but may add uncertainty for investors. Law firm investigation announcement

About Corteva

Corteva, Inc. is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases. Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva’s crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.