Brokerages Set Corteva, Inc. (NYSE:CTVA) Price Target at $70.50

Corteva, Inc. (NYSE:CTVA - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $70.50.

Several brokerages have recently issued reports on CTVA. Barclays boosted their price objective on shares of Corteva from $64.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 14th. The Goldman Sachs Group began coverage on Corteva in a research note on Thursday, March 13th. They set a "buy" rating and a $71.00 price target for the company. Oppenheimer restated an "outperform" rating and issued a $75.00 price objective (up from $72.00) on shares of Corteva in a report on Friday, May 9th. BNP Paribas upgraded Corteva to a "hold" rating in a report on Monday, February 10th. Finally, Wells Fargo & Company increased their target price on shares of Corteva from $73.00 to $79.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th.

Corteva Trading Up 1.6%

NYSE:CTVA traded up $1.10 during mid-day trading on Friday, reaching $70.81. The company's stock had a trading volume of 5,450,676 shares, compared to its average volume of 3,308,634. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The stock has a market cap of $48.30 billion, a P/E ratio of 54.89, a P/E/G ratio of 1.68 and a beta of 0.72. The company's fifty day simple moving average is $63.29 and its two-hundred day simple moving average is $61.66. Corteva has a twelve month low of $50.01 and a twelve month high of $71.01.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.25. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.56 billion. During the same period last year, the company earned $0.89 earnings per share. The company's quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Corteva will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva's dividend payout ratio (DPR) is 41.46%.

Hedge Funds Weigh In On Corteva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTVA. Flagship Wealth Advisors LLC purchased a new position in Corteva in the fourth quarter valued at about $25,000. Noble Wealth Management PBC purchased a new position in shares of Corteva during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Corteva during the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new stake in shares of Corteva in the fourth quarter worth $27,000. Finally, LGT Financial Advisors LLC acquired a new stake in Corteva in the fourth quarter valued at $31,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.