Wells Fargo & Company Boosts Corteva (NYSE:CTVA) Price Target to $67.00

Corteva (NYSE:CTVA) had its price objective raised by Wells Fargo & Company from $66.00 to $67.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on CTVA. BNP Paribas raised shares of Corteva from an underperform rating to a neutral rating and set a $53.00 price objective on the stock in a research note on Friday, February 2nd. KeyCorp lifted their price objective on Corteva from $63.00 to $66.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. TheStreet raised Corteva from a c+ rating to a b- rating in a research note on Tuesday, February 27th. Barclays boosted their target price on Corteva from $55.00 to $58.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. Finally, Canaccord Genuity Group increased their price target on shares of Corteva from $60.00 to $65.00 and gave the company a buy rating in a research report on Friday. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $63.38.

Corteva Price Performance

Shares of CTVA stock opened at $57.16 on Friday. Corteva has a 52 week low of $43.22 and a 52 week high of $60.57. The stock has a market capitalization of $39.95 billion, a PE ratio of 72.35, a PEG ratio of 1.50 and a beta of 0.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 1.51. The stock’s fifty day moving average is $55.37 and its 200-day moving average is $50.65.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The company’s revenue was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 EPS. Equities research analysts expect that Corteva will post 2.83 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is presently 81.01%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Redmont Wealth Advisors LLC acquired a new position in shares of Corteva during the 1st quarter worth about $25,000. Rise Advisors LLC grew its stake in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares in the last quarter. Albion Financial Group UT increased its position in shares of Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares during the last quarter. CVA Family Office LLC acquired a new stake in shares of Corteva in the 4th quarter valued at approximately $25,000. Finally, Ironwood Wealth Management Inc. grew its stake in shares of Corteva by 106.1% in the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock valued at $31,000 after buying an additional 280 shares in the last quarter. 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.