Corteva (NYSE:CTVA) Hits New 1-Year High – What’s Next?

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $64.23 and last traded at $64.19, with a volume of 3415430 shares changing hands. The stock had previously closed at $62.51.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. KeyCorp cut their target price on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Citigroup cut their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada upped their price objective on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.59.

Corteva Price Performance

The business has a fifty day simple moving average of $59.25 and a two-hundred day simple moving average of $57.30. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market cap of $44.12 billion, a PE ratio of 64.84, a P/E/G ratio of 1.64 and a beta of 0.77.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. Corteva’s payout ratio is 68.69%.

Corteva declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

Several hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV raised its position in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Oak Thistle LLC bought a new stake in Corteva during the 4th quarter valued at about $1,514,000. Charles Schwab Investment Management Inc. raised its holdings in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Corteva by 755.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock worth $31,486,000 after buying an additional 488,181 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC grew its holdings in shares of Corteva by 54.5% during the fourth quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock valued at $5,474,000 after buying an additional 33,886 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Company Profile

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.