Wells Fargo & Company Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target boosted by Wells Fargo & Company from $67.00 to $73.00 in a research report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

CTVA has been the subject of a number of other research reports. Barclays raised their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. UBS Group cut their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Citigroup cut their target price on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. Oppenheimer reiterated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, KeyCorp cut their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average target price of $65.94.

Corteva Stock Down 0.3 %

CTVA stock opened at $64.26 on Tuesday. Corteva has a twelve month low of $45.30 and a twelve month high of $64.86. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a market cap of $44.16 billion, a PE ratio of 64.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77. The business has a 50 day moving average of $59.71 and a 200 day moving average of $57.61.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. Corteva’s dividend payout ratio is currently 68.69%.

Institutional Investors Weigh In On Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of CTVA. Hager Investment Management Services LLC bought a new stake in Corteva during the fourth quarter valued at about $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the fourth quarter valued at about $32,000. Capital Advisors Ltd. LLC raised its holdings in 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 period. First Financial Corp IN bought a new stake in Corteva during the fourth quarter valued at about $35,000. Finally, Albion Financial Group UT raised its holdings in 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 period. 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.