Corteva (NYSE:CTVA) to Buyback $2.00 billion in Outstanding Stock

Corteva (NYSE:CTVAGet Rating) announced that its board has authorized a stock buyback plan on Tuesday, September 13th, RTT News reports. The company plans to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CTVA. Deutsche Bank Aktiengesellschaft upped their target price on Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday. Credit Suisse Group upped their target price on Corteva to $72.00 in a research report on Tuesday, August 9th. Barclays assumed coverage on Corteva in a research report on Wednesday, June 1st. They set an “overweight” rating and a $71.00 target price on the stock. Citigroup upped their target price on Corteva from $63.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, August 8th. Finally, Argus upped their target price on Corteva from $61.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, May 23rd. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Corteva Trading Down 2.6 %

CTVA opened at $62.12 on Friday. Corteva has a 52 week low of $40.72 and a 52 week high of $64.30. The business has a fifty day simple moving average of $58.44 and a 200-day simple moving average of $57.51. The firm has a market cap of $44.96 billion, a P/E ratio of 26.21, a P/E/G ratio of 1.59 and a beta of 0.68. The company has a quick ratio of 1.35, a current ratio of 1.88 and a debt-to-equity ratio of 0.05.

Corteva (NYSE:CTVAGet Rating) last released its earnings results on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.17. The firm had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. Corteva’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.40 earnings per share. On average, equities analysts expect that Corteva will post 2.58 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 12th were paid a $0.15 dividend. The ex-dividend date was Thursday, August 11th. This is a boost from Corteva’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 0.97%. Corteva’s dividend payout ratio (DPR) is currently 25.32%.

Corteva Company Profile

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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.

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