Corteva, Inc. (NYSE:CTVA) Stock Has Average Price Target of $60.59

Key Points

• Analyst sentiment is moderately positive: Corteva has a “Moderate Buy” consensus, with 16 buy, six hold, and one sell recommendation among 23 analysts. The average 12-month price target is $60.59.
• Corteva cut its quarterly dividend to $0.05 per share from $0.18, equivalent to $0.20 annually and a stated yield of 1.7%.
• Institutional investors own 81.54% of Corteva’s shares; several major investors recently added positions, including Wellington Management and Royal Bank of Canada.

Corteva, Inc. (NYSE:CTVA - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-three brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $60.59.

A number of brokerages recently weighed in on CTVA. JPMorgan Chase & Co. raised shares of Corteva from a "neutral" rating to an "overweight" rating and set a $19.00 target price on the stock in a research note on Tuesday, October 6th. Citigroup boosted their price target on shares of Corteva from $86.00 to $91.00 and gave the stock a "neutral" rating in a research note on Thursday, September 17th. Oppenheimer set a $17.00 price target on shares of Corteva in a research note on Monday, October 5th. Weiss Ratings lowered shares of Corteva from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Finally, New Street Research set a $17.00 price objective on shares of Corteva in a research report on Monday, October 5th.

Institutional Investors Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Corteva during the 2nd quarter valued at about $4,560,180,000. Wellington Management Group LLP lifted its position in Corteva by 941.7% in the 2nd quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company's stock worth $644,720,000 after buying an additional 6,881,875 shares during the last quarter. Royal Bank of Canada lifted its position in Corteva by 202.1% in the 1st quarter. Royal Bank of Canada now owns 7,458,624 shares of the company's stock worth $624,362,000 after buying an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC bought a new stake in Corteva in the 2nd quarter worth approximately $544,246,000. Finally, Bank of America Corp DE purchased a new stake in Corteva in the second quarter worth approximately $484,927,000. Institutional investors own 81.54% of the company's stock.

Corteva Stock Down 1.2%

Shares of NYSE CTVA opened at $11.90 on Friday. Corteva has a 12 month low of $11.24 and a 12 month high of $90.97. 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 market capitalization of $7.94 billion, a price-to-earnings ratio of 7.88, a PEG ratio of 1.66 and a beta of 0.58. The business has a 50-day moving average of $44.82 and a 200-day moving average of $71.09.

Corteva Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.05 dividend. This is a drop from Corteva's previous quarterly dividend of $0.18. This represents a $0.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, December 1st. Corteva's payout ratio is currently 47.68%.

Corteva Company Profile

Corteva, Inc is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases.

Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva's crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.

Corteva became an independent, publicly traded company in 2019 following the separation of DowDuPont.

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