Corteva (NYSE:CTVA) Given New $74.00 Price Target at Citigroup

Corteva (NYSE:CTVA) had its price target increased by Citigroup from $69.00 to $74.00 in a report published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on CTVA. KeyCorp decreased their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company lifted their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday. Royal Bank of Canada lifted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average target price of $66.24.

Corteva Trading Up 1.2 %

Shares of CTVA stock opened at $65.06 on Wednesday. The company has a 50 day moving average of $59.83 and a 200-day moving average of $57.69. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva has a 12-month low of $45.46 and a 12-month high of $65.44. The firm has a market cap of $44.72 billion, a P/E ratio of 65.72, a PEG ratio of 1.63 and a beta of 0.77.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Corteva

Hedge funds have recently added to or reduced their stakes in the business. Hager Investment Management Services LLC bought a new stake in Corteva in the fourth quarter worth $27,000. Golden State Wealth Management LLC bought a new position in shares of Corteva during the fourth quarter valued at about $32,000. Capital Advisors Ltd. LLC raised its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the last quarter. First Financial Corp IN bought a new position in shares of Corteva during the fourth quarter valued at about $35,000. Finally, Albion Financial Group UT raised its stake in shares of Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after acquiring an additional 321 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.