Corteva (NYSE:CTVA) Reaches New 52-Week High – Should You Buy?

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

Analyst Ratings Changes

Several analysts have commented on CTVA shares. KeyCorp lowered their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup initiated coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. Wells Fargo & Company cut their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and increased their target price for the stock from $59.00 to $67.00 in a report on Wednesday, October 16th. Finally, Argus lowered shares of 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $63.47.

Corteva Stock Down 0.5 %

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

Corteva (NYSE:CTVA) last posted its 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 firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.69 billion. On average, equities analysts anticipate that Corteva, Inc. will post 2.66 earnings per share for the current year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. Corteva’s dividend payout ratio is presently 52.31%.

Institutional Trading of Corteva

Hedge funds and other institutional investors have recently made changes to their positions in the business. Anomaly Capital Management LP acquired a new stake in shares of Corteva during the second quarter worth $188,578,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after buying an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Corteva during the third quarter valued at $99,869,000. Bank of New York Mellon Corp lifted its holdings in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after buying an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. lifted its stake in shares of Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after acquiring an additional 1,139,297 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.