Corteva’s (CTVA) “Outperform” Rating Reiterated at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Corteva (NYSE:CTVA) in a research report released on Friday,Benzinga reports. The brokerage currently has a $75.00 price target on the stock, up from their previous price target of $72.00.

Several other equities analysts have also recently weighed in on CTVA. Wells Fargo & Company raised their price target on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. KeyCorp raised their target price on shares of Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup boosted their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley increased their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, UBS Group lifted their target price on Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $69.64.

Corteva Price Performance

Shares of NYSE CTVA opened at $67.70 on Friday. The company has a fifty day moving average price of $60.87 and a 200 day moving average price of $60.74. The firm has a market cap of $46.24 billion, a PE ratio of 52.48, a PEG ratio of 1.68 and a beta of 0.72. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. Corteva has a 1-year low of $50.01 and a 1-year high of $67.93.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.25. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. Corteva’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. Research analysts predict that Corteva will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.00%. Corteva’s dividend payout ratio (DPR) is 41.46%.

Insider Activity

In other news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. The trade was a 70.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is owned by company insiders.

Institutional Trading of Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Corteva by 6.7% during the third quarter. JPMorgan Chase & Co. now owns 4,605,608 shares of the company’s stock worth $270,764,000 after buying an additional 288,885 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Corteva by 5.5% during the 4th quarter. Nordea Investment Management AB now owns 60,518 shares of the company’s stock valued at $3,442,000 after acquiring an additional 3,132 shares during the period. First Hawaiian Bank grew its holdings in shares of Corteva by 83.7% during the 4th quarter. First Hawaiian Bank now owns 15,737 shares of the company’s stock worth $896,000 after purchasing an additional 7,170 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Corteva by 2.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 20,286 shares of the company’s stock worth $1,155,000 after purchasing an additional 497 shares during the period. Finally, Graypoint LLC acquired a new position in Corteva in the fourth quarter valued at about $203,000. 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.