Corteva, Inc. (NYSE:CTVA) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Corteva, Inc. (NYSE:CTVA) have been assigned a consensus rating of “Moderate Buy” from the nineteen brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and fourteen have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $65.41.

A number of brokerages have recently commented on CTVA. Citigroup lowered their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. UBS Group lifted their price objective on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Bank of America upped their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th.

Corteva Trading Up 1.8 %

Corteva stock opened at $56.96 on Thursday. The stock has a 50-day moving average price of $59.20 and a 200 day moving average price of $56.73. Corteva has a 52 week low of $44.01 and a 52 week high of $64.20. The stock has a market cap of $39.15 billion, a PE ratio of 57.54, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

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

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CTVA. Capital Advisors Ltd. LLC grew its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in Corteva in the 2nd quarter valued at about $43,000. Chilton Capital Management LLC grew its stake in shares of Corteva by 354.7% during the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after acquiring an additional 759 shares in the last quarter. Bangor Savings Bank increased its position in shares of Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Corteva in the third quarter worth about $56,000. Institutional investors and hedge funds 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.