JPMorgan Chase & Co. Cuts Corteva (NYSE:CTVA) Price Target to $55.00

Corteva (NYSE:CTVA) had its price objective decreased by JPMorgan Chase & Co. from $57.00 to $55.00 in a report issued on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on CTVA. Canaccord Genuity Group lifted their target price on Corteva from $60.00 to $65.00 and gave the stock a buy rating in a report on Friday, May 3rd. Wells Fargo & Company reduced their price objective on Corteva from $67.00 to $65.00 and set an overweight rating on the stock in a research note on Friday. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an overweight rating on the stock in a research note on Friday. Royal Bank of Canada boosted their price objective on Corteva from $62.00 to $64.00 and gave the stock an outperform rating in a research note on Monday, May 6th. Finally, Oppenheimer boosted their price objective on Corteva from $67.00 to $69.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $62.00.

Corteva Price Performance

NYSE:CTVA opened at $51.31 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The business’s 50-day simple moving average is $53.48 and its two-hundred day simple moving average is $53.99. The stock has a market cap of $35.76 billion, a PE ratio of 65.29, a P/E/G ratio of 1.46 and a beta of 0.77. Corteva has a 52 week low of $43.22 and a 52 week high of $58.76.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, analysts forecast that Corteva will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a $0.17 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.33%. Corteva’s payout ratio is 81.01%.

Insider Buying and Selling

In other news, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corteva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTVA. DAVENPORT & Co LLC raised its stake in Corteva by 121.5% in the 4th quarter. DAVENPORT & Co LLC now owns 52,920 shares of the company’s stock worth $2,541,000 after acquiring an additional 29,026 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Corteva by 6.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 343,718 shares of the company’s stock worth $16,529,000 after acquiring an additional 21,999 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Corteva during the 4th quarter worth about $4,852,000. Allworth Financial LP grew its position in Corteva by 7.7% during the 4th quarter. Allworth Financial LP now owns 7,251 shares of the company’s stock worth $347,000 after purchasing an additional 518 shares during the period. Finally, Prime Capital Investment Advisors LLC grew its position in Corteva by 43.6% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 15,451 shares of the company’s stock worth $740,000 after purchasing an additional 4,690 shares during the period. Hedge funds and other 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.