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

Key Points

• Corteva, Inc. has received a consensus rating of "Moderate Buy" from fourteen brokerage firms, with 13 analysts issuing buy ratings and one a hold rating.
• The company recently raised its quarterly dividend from $0.17 to $0.18, resulting in an annualized dividend of $0.72 and a dividend yield of 1.0%.
• Corteva's quarterly earnings reported $2.20 EPS, exceeding analyst expectations of $1.89, with a revenue increase of 5.6% year-over-year.

Corteva, Inc. (NYSE:CTVA - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the fifteen ratings firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $80.25.

Several brokerages have weighed in on CTVA. UBS Group increased their price target on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Oppenheimer set a $87.00 target price on shares of Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Finally, Citigroup raised their price target on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th.

Corteva Trading Up 0.7%

CTVA traded up $0.52 during trading hours on Friday, reaching $72.28. 1,079,847 shares of the company's stock traded hands, compared to its average volume of 3,794,057. The firm has a 50-day moving average price of $73.35 and a 200 day moving average price of $66.81. The firm has a market capitalization of $49.08 billion, a PE ratio of 35.27, a PEG ratio of 1.64 and a beta of 0.75. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva has a 52-week low of $53.40 and a 52-week high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period in the prior year, the business posted $1.83 earnings per share. The business's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Corteva will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's payout ratio is currently 33.17%.

Institutional Trading of Corteva

Several institutional investors have recently made changes to their positions in CTVA. Brighton Jones LLC lifted its stake in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after purchasing an additional 11,760 shares during the period. Sagespring Wealth Partners LLC bought a new position in Corteva in the fourth quarter valued at $313,000. Mariner LLC increased its holdings in shares of Corteva by 10.6% during the 4th quarter. Mariner LLC now owns 118,966 shares of the company's stock worth $6,776,000 after acquiring an additional 11,399 shares during the last quarter. XTX Topco Ltd acquired a new position in Corteva in the 4th quarter valued at about $404,000. Finally, Jump Financial LLC bought a new position in Corteva during the 4th quarter worth $821,000. 81.54% of the stock is currently 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.