Bank of America Boosts Corteva (NYSE:CTVA) Price Target to $69.00

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

Other analysts have also recently issued research reports about the company. Citigroup began coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. KeyCorp decreased 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, Wells Fargo & Company boosted their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Up 0.8 %

NYSE CTVA opened at $61.23 on Wednesday. The stock’s 50 day simple moving average is $58.69 and its 200 day simple moving average is $55.77. Corteva has a one year low of $43.89 and a one year high of $63.75. The firm has a market cap of $42.08 billion, a PE ratio of 61.85, a price-to-earnings-growth ratio of 1.97 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 declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Hedge Funds Weigh In On Corteva

Several institutional investors and hedge funds have recently made changes to their positions in CTVA. Acadian Asset Management LLC acquired a new position in shares of Corteva in the 1st quarter valued at approximately $25,000. Capital Advisors Ltd. LLC lifted its position in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Corteva in the 2nd quarter valued at $34,000. Redwood Wealth Management Group LLC acquired a new position in Corteva in the 2nd quarter worth $43,000. Finally, Triad Wealth Partners LLC bought a new position in Corteva during the 2nd quarter worth about $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.