KeyCorp Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target hoisted by KeyCorp from $66.00 to $69.00 in a research report released on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on CTVA. UBS Group raised their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada cut their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Price Performance

Shares of CTVA opened at $61.23 on Thursday. The business has a 50-day simple moving average of $58.69 and a two-hundred day simple moving average of $55.77. Corteva has a 12-month low of $43.89 and a 12-month high of $63.75. The stock has a market cap of $42.08 billion, a PE ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date 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%.

Corteva declared that its board 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 generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently added to or reduced their stakes in CTVA. Acadian Asset Management LLC acquired a new position in shares of Corteva during the first quarter worth approximately $25,000. Capital Advisors Ltd. LLC grew its holdings in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the last quarter. Cultivar Capital Inc. bought a new stake in shares of Corteva during the second quarter worth about $34,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva in the 2nd quarter worth about $43,000. Finally, Triad Wealth Partners LLC bought a new position in Corteva in the 2nd quarter valued at 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.