Corteva, Inc. (NYSE:CTVA) to Issue Quarterly Dividend of $0.17

Corteva, Inc. (NYSE:CTVA) announced a quarterly dividend on Monday, January 27th,RTT News reports. Shareholders of record on Monday, March 3rd will be given a dividend of 0.17 per share on Monday, March 17th. This represents a $0.68 annualized dividend and a yield of 1.06%.

Corteva has increased its dividend payment by an average of 6.9% annually over the last three years. Corteva has a payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Corteva to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 21.1%.

Corteva Stock Performance

Shares of CTVA opened at $64.45 on Tuesday. The stock has a 50-day moving average of $59.56 and a 200-day moving average of $57.53. The company has a market cap of $44.30 billion, a PE ratio of 65.10, a P/E/G ratio of 1.63 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a one year low of $45.30 and a one year high of $64.72.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CTVA shares. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Citigroup cut their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. KeyCorp lowered their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Barclays boosted their price objective on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Royal Bank of Canada boosted their target price on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $65.59.

Corteva announced that its board has initiated a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

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.