Corteva, Inc. (NYSE:CTVA) Increases Dividend to $0.17 Per Share

Corteva, Inc. (NYSE:CTVA) declared a quarterly dividend on Monday, July 29th, RTT News reports. Shareholders of record on Tuesday, September 3rd will be given a dividend of 0.17 per share on Tuesday, September 17th. This represents a $0.68 annualized dividend and a yield of 1.22%. This is a boost from Corteva’s previous quarterly dividend of $0.16.

Corteva has increased its dividend payment by an average of 6.0% per year over the last three years. Corteva has a payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corteva to earn $3.45 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 18.6%.

Corteva Trading Up 0.3 %

Shares of CTVA opened at $55.55 on Monday. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $58.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. The company’s fifty day moving average is $53.68 and its 200 day moving average is $53.68. The stock has a market capitalization of $38.72 billion, a PE ratio of 70.11, a P/E/G ratio of 1.50 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business’s revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 EPS. Sell-side analysts expect that Corteva will post 2.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CTVA shares. Oppenheimer boosted their target price on Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $57.00 price objective (down previously from $58.00) on shares of Corteva in a research report on Friday, April 12th. OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Wells Fargo & Company upped their price target on shares of Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Finally, Royal Bank of Canada raised their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. 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 MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Transactions at Corteva

In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the transaction, the senior vice president now owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the sale, the senior vice president now owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The disclosure for this sale can be found here. In the last three months, insiders sold 83,556 shares of company stock valued at $4,795,016. Corporate insiders own 0.14% 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.