Corteva, Inc. (NYSE:CTVA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Corteva received a “Moderate Buy” consensus rating from 23 brokerages, with 14 buys and nine holds. The average 12-month price target is $91.50, above the reported share price of $82.74.
• Institutional ownership is substantial at 81.54%, with major investors including California State Teachers Retirement System, BlackRock, Harris Associates, Norges Bank and Wellington Management increasing or initiating positions.
• Corteva beat quarterly EPS expectations, reporting $2.30 versus the $2.24 consensus, although revenue of $6.38 billion fell short of estimates and declined 1.2% year over year. The company also announced a quarterly dividend of $0.18 per share.

Corteva, Inc. (NYSE:CTVA - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-three brokerages that are currently covering the firm, Marketbeat reports. Nine equities research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $91.50.

Several analysts have commented on the stock. UBS Group lowered their target price on shares of Corteva from $89.00 to $85.00 and set a "neutral" rating for the company in a research note on Tuesday, August 18th. Citigroup increased their price target on Corteva from $85.00 to $86.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Morgan Stanley raised their price objective on Corteva from $84.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Bank of America upped their target price on Corteva from $90.00 to $96.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Finally, Oppenheimer raised their price target on Corteva from $89.00 to $95.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd.

Hedge Funds Weigh In On Corteva

Hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its holdings in Corteva by 7,664.4% in the second quarter. California State Teachers Retirement System now owns 139,830,304 shares of the company's stock valued at $11,842,228,000 after acquiring an additional 138,029,377 shares during the last quarter. BlackRock Inc. acquired a new position in Corteva during the 2nd quarter worth approximately $4,560,180,000. Harris Associates L P boosted its stake in shares of Corteva by 168.1% in the fourth quarter. Harris Associates L P now owns 17,026,221 shares of the company's stock valued at $1,141,268,000 after purchasing an additional 10,675,052 shares during the period. Norges Bank purchased a new position in Corteva in the 4th quarter valued at about $504,001,000. Finally, Wellington Management Group LLP lifted its stake in shares of Corteva by 941.7% in the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company's stock worth $644,720,000 after acquiring an additional 6,881,875 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Trading Up 1.2%

Shares of CTVA stock opened at $82.74 on Tuesday. The company has a market capitalization of $55.21 billion, a price-to-earnings ratio of 54.80, a PEG ratio of 2.51 and a beta of 0.57. The company has a current ratio of 1.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $82.27 and a 200 day moving average price of $80.32. Corteva has a twelve month low of $60.53 and a twelve month high of $90.97.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.06. The company had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.60 billion. Corteva had a net margin of 5.66% and a return on equity of 10.18%. The firm's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $2.20 EPS. Corteva has set its FY 2026 guidance at 3.600-3.800 EPS. Research analysts forecast that Corteva will post 3.72 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 1st. Corteva's dividend payout ratio is presently 47.68%.

Corteva Company Profile

Corteva, Inc NYSE: CTVA is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva's operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source