Corteva, Inc. (NYSE:CTVA) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Corteva, Inc. (NYSE:CTVA) have been assigned a consensus rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $63.29.

Several equities research analysts have recently commented on CTVA shares. Royal Bank of Canada boosted their price target on Corteva from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 target price (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. UBS Group reduced their target price on Corteva from $65.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. BNP Paribas raised Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 target price on the stock in a research note on Friday, February 2nd. Finally, KeyCorp upped their target price on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently bought and sold shares of CTVA. Capital International Investors grew its stake in Corteva by 47.2% in the fourth quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after purchasing an additional 8,260,808 shares in the last quarter. Norges Bank acquired a new position in Corteva in the fourth quarter valued at approximately $265,298,000. Harris Associates L P acquired a new position in Corteva in the third quarter valued at approximately $246,423,000. Van ECK Associates Corp boosted its stake in Corteva by 78.7% in the third quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after acquiring an additional 3,366,106 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Corteva by 29.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock valued at $567,624,000 after acquiring an additional 2,545,570 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

NYSE CTVA opened at $53.90 on Friday. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $55.28 and its two-hundred day moving average is $50.56. Corteva has a 12-month low of $43.22 and a 12-month high of $61.07. The stock has a market capitalization of $37.67 billion, a price-to-earnings ratio of 52.84, a PEG ratio of 1.45 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its earnings results on Thursday, February 1st. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.09. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Corteva had a return on equity of 7.43% and a net margin of 4.27%. During the same quarter in the previous year, the firm posted $0.16 EPS. Research analysts expect that Corteva will post 2.84 EPS for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.19%. Corteva’s dividend payout ratio (DPR) is 62.75%.

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.