Corteva (NYSE:CTVA) Board of Directors Initiates Share Buyback Plan

Corteva (NYSE:CTVA) declared that its board has initiated a stock buyback plan on Tuesday, November 19th, RTT News reports. The company plans to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CTVA shares. UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Barclays increased their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $63.68.

Corteva Price Performance

CTVA stock traded up $1.26 during trading on Tuesday, hitting $58.25. The stock had a trading volume of 4,217,640 shares, compared to its average volume of 3,277,418. The stock has a market capitalization of $40.03 billion, a P/E ratio of 57.59, a PEG ratio of 1.77 and a beta of 0.77. Corteva has a twelve month low of $43.89 and a twelve month high of $63.75. The company’s 50-day moving average price is $58.36 and its two-hundred day moving average price is $55.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is 68.69%.

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.