Bank of America Issues Positive Forecast for Corteva (NYSE:CTVA) Stock Price

Corteva (NYSE:CTVA) had its target price upped by Bank of America from $67.00 to $69.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays raised their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. Royal Bank of Canada decreased their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. KeyCorp dropped their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.89.

Corteva Stock Up 0.9 %

NYSE:CTVA opened at $58.77 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $58.49 and a 200-day moving average of $55.72. The firm has a market capitalization of $40.39 billion, a PE ratio of 59.36, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77. Corteva has a 52 week low of $43.89 and a 52 week high of $63.75.

Corteva declared that its board has initiated a stock buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Institutional Investors Weigh In On Corteva

Several large investors have recently modified their holdings of the stock. KBC Group NV lifted its holdings in shares of Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after purchasing an additional 41,943 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Corteva by 16.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after buying an additional 141,898 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Corteva by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after buying an additional 845 shares during the period. Finally, Anomaly Capital Management LP purchased a new position in shares of Corteva in the second quarter worth approximately $188,578,000. 81.54% of the stock is owned by institutional investors.

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.