Corteva (NYSE:CTVA) Price Target Raised to $73.00 at Royal Bank of Canada

Corteva (NYSE:CTVA) had its price objective upped by Royal Bank of Canada from $68.00 to $73.00 in a report issued on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the company. KeyCorp raised their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. UBS Group lifted their price target on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays increased their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company increased their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus target price of $65.41.

Corteva Trading Down 0.4 %

NYSE:CTVA opened at $56.16 on Thursday. The company has a market cap of $38.60 billion, a PE ratio of 56.73, a P/E/G ratio of 1.94 and a beta of 0.77. The business’s 50 day moving average is $59.73 and its two-hundred day moving average is $56.31. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva has a 52 week low of $44.01 and a 52 week high of $64.20.

Corteva declared that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Institutional Investors Weigh In On Corteva

Large investors have recently modified their holdings of the stock. KBC Group NV boosted its position in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares during the period. Charles Schwab Investment Management Inc. grew its position in Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after buying an additional 141,898 shares during the period. Kingsview Wealth Management LLC grew its holdings in shares of Corteva by 468.8% during the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after buying an additional 37,239 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after acquiring an additional 845 shares in the last quarter. 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.