Corteva (NYSE:CTVA) Sets New 12-Month High – Here’s Why

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $63.75 and last traded at $63.75, with a volume of 2895 shares changing hands. The stock had previously closed at $61.75.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup initiated coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. One equities 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $63.47.

Corteva Stock Down 0.5 %

The company’s 50 day moving average price is $58.14 and its two-hundred day moving average price is $55.55. The firm has a market cap of $40.38 billion, a PE ratio of 45.02, a PEG ratio of 1.76 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.18). Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.69 billion. On average, equities research analysts expect that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is currently 52.31%.

Hedge Funds Weigh In On Corteva

A number of large investors have recently bought and sold shares of CTVA. Advisory Alpha LLC acquired a new position in shares of Corteva in the 1st quarter valued at about $238,000. Duality Advisers LP increased its position in Corteva by 30.2% during the first quarter. Duality Advisers LP now owns 17,846 shares of the company’s stock worth $1,029,000 after purchasing an additional 4,142 shares during the last quarter. Empirical Finance LLC raised its position in shares of Corteva by 3.4% during the 1st quarter. Empirical Finance LLC now owns 26,034 shares of the company’s stock valued at $1,501,000 after buying an additional 859 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Corteva by 6.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 79,971 shares of the company’s stock valued at $4,612,000 after acquiring an additional 5,142 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Corteva by 55.4% in the 1st quarter. Empowered Funds LLC now owns 16,804 shares of the company’s stock valued at $969,000 after purchasing an additional 5,989 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

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.