Corteva (NYSE:CTVA) Price Target Raised to $65.00

Corteva (NYSE:CTVA) had its price objective increased by Canaccord Genuity Group from $60.00 to $65.00 in a research note published on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research firms have also commented on CTVA. Wolfe Research initiated coverage on Corteva in a research report on Friday, March 1st. They set an outperform rating and a $67.00 price target on the stock. Barclays lifted their price target on Corteva from $55.00 to $58.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. Loop Capital raised Corteva from a hold rating to a buy rating and boosted their target price for the company from $57.00 to $65.00 in a report on Monday, February 12th. BMO Capital Markets boosted their target price on Corteva from $64.00 to $67.00 and gave the company an outperform rating in a report on Friday. Finally, BNP Paribas raised Corteva from an underperform rating to a neutral rating and set a $53.00 target price on the stock in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $63.38.

Corteva Stock Up 0.3 %

Shares of CTVA traded up $0.18 during midday trading on Friday, hitting $57.16. The company had a trading volume of 2,977,563 shares, compared to its average volume of 2,761,026. The company’s 50-day simple moving average is $55.37 and its 200-day simple moving average is $50.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 1.51. The firm has a market capitalization of $39.95 billion, a P/E ratio of 72.35, a P/E/G ratio of 1.49 and a beta of 0.78. Corteva has a 1 year low of $43.22 and a 1 year high of $60.57.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. As a group, sell-side analysts expect that Corteva will post 2.84 EPS for the current year.

Corteva Dividend Announcement

The business also recently disclosed 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. This represents a $0.64 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is 81.01%.

Hedge Funds Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the business. Redmont Wealth Advisors LLC purchased a new position in Corteva during the 1st quarter valued at about $25,000. Rise Advisors LLC increased its holdings in Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after acquiring an additional 454 shares in the last quarter. Albion Financial Group UT increased its holdings in Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after acquiring an additional 220 shares in the last quarter. CVA Family Office LLC purchased a new position in Corteva during the 4th quarter valued at about $25,000. Finally, Ironwood Wealth Management Inc. grew its holdings in shares of Corteva by 106.1% during the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after buying an additional 280 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.