Corteva (NYSE:CTVA) Given New $73.00 Price Target at Bank of America

Corteva (NYSE:CTVA) had its price objective lifted by Bank of America from $69.00 to $73.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

CTVA has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. UBS Group cut their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. KeyCorp upped their price target on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Citigroup raised their price objective on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, Oppenheimer upped their target price on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.56.

Corteva Stock Up 1.3 %

Shares of NYSE:CTVA opened at $63.01 on Tuesday. Corteva has a 12-month low of $50.01 and a 12-month high of $66.24. The stock’s 50-day moving average price is $60.22 and its two-hundred day moving average price is $58.30. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $43.31 billion, a price-to-earnings ratio of 48.85, a PEG ratio of 1.85 and a beta of 0.78.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. On average, research analysts forecast that Corteva will post 2.83 EPS for the current year.

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

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.08%. Corteva’s payout ratio is 52.71%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Corteva by 537.6% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,965 shares of the company’s stock worth $174,000 after purchasing an additional 2,500 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Corteva by 7.4% during the third quarter. Valeo Financial Advisors LLC now owns 9,592 shares of the company’s stock worth $564,000 after purchasing an additional 659 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Corteva by 1,058.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,329 shares of the company’s stock worth $137,000 after buying an additional 2,128 shares during the last quarter. Procyon Advisors LLC boosted its holdings in shares of Corteva by 2.2% in the 3rd quarter. Procyon Advisors LLC now owns 13,200 shares of the company’s stock valued at $776,000 after buying an additional 286 shares during the period. Finally, Fiduciary Alliance LLC bought a new stake in shares of Corteva during the 3rd quarter valued at about $214,000. 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.