JPMorgan Chase & Co. Trims Corteva (NYSE:CTVA) Target Price to $55.00

Corteva (NYSE:CTVA) had its target price reduced by JPMorgan Chase & Co. from $57.00 to $55.00 in a research report report published on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages also recently weighed in on CTVA. Mizuho reduced their price target on shares of Corteva from $61.00 to $60.00 and set a buy rating for the company in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft reissued a buy rating and set a $65.00 price target on shares of Corteva in a research report on Wednesday, June 12th. KeyCorp reduced their price target on shares of Corteva from $66.00 to $62.00 and set an overweight rating for the company in a research report on Friday. Oppenheimer raised their price target on shares of Corteva from $67.00 to $69.00 and gave the company an outperform rating in a research report on Friday, May 3rd. Finally, Canaccord Genuity Group lifted their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a buy rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $62.60.

Corteva Price Performance

CTVA stock opened at $51.60 on Friday. The firm has a 50 day moving average price of $53.48 and a 200-day moving average price of $53.86. Corteva has a 52-week low of $43.22 and a 52-week high of $58.76. The firm has a market capitalization of $35.96 billion, a price-to-earnings ratio of 65.32, a PEG ratio of 1.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.72.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. During the same period last year, the business earned $1.60 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. Equities research analysts forecast that Corteva will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. Corteva’s payout ratio is 81.01%.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the sale, the insider now owns 13,495 shares in the company, valued at approximately $764,491.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the sale, the insider now owns 13,495 shares in the company, valued at $764,491.75. The disclosure for this sale can be found here. Insiders have sold a total of 83,556 shares of company stock worth $4,795,016 in the last 90 days. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Corteva

Several hedge funds have recently made changes to their positions in CTVA. Redmont Wealth Advisors LLC purchased a new stake in shares of Corteva during the 1st quarter valued at about $25,000. Acadian Asset Management LLC bought a new position in Corteva during the 1st quarter valued at about $25,000. Rise Advisors LLC grew 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 purchasing an additional 454 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Corteva during the 4th quarter valued at about $28,000. Finally, Scarborough Advisors LLC bought a new position in Corteva during the 4th quarter valued at about $29,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

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.