Corteva (NYSE:CTVA) Given New $73.00 Price Target at Royal Bank of Canada

Corteva (NYSE:CTVA) had its target price hoisted by Royal Bank of Canada from $72.00 to $73.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. Citigroup upped their target price on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Bank of America boosted their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. KeyCorp boosted their price objective on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Oppenheimer lifted their target price on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.31.

Corteva Stock Performance

NYSE CTVA opened at $62.32 on Friday. The company has a market capitalization of $42.83 billion, a P/E ratio of 62.95, a P/E/G ratio of 1.71 and a beta of 0.78. Corteva has a 12-month low of $50.01 and a 12-month high of $66.24. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $60.22 and a two-hundred day moving average price of $58.14.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 6.63% and a net margin of 4.18%. Analysts anticipate that Corteva will post 2.58 earnings per share for the current year.

Corteva announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. Corteva’s dividend payout ratio is currently 68.69%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Noble Wealth Management PBC acquired a new position in shares of Corteva during the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new stake in shares of Corteva during the fourth quarter worth about $27,000. Golden State Wealth Management LLC acquired a new stake in shares of Corteva in the 4th quarter worth about $32,000. 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. Finally, Centricity Wealth Management LLC acquired a new position in Corteva during the 4th quarter valued at about $34,000. 81.54% of the stock is owned by institutional investors and hedge funds.

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.