Corteva, Inc. (NYSE:CTVA) Increases Dividend to $0.18 Per Share

Key Points

• Corteva, Inc. has increased its quarterly dividend to $0.18 per share, marking a 5.9% increase from the previous dividend of $0.17.
• The company's payout ratio is 19.4%, suggesting its dividend is adequately covered by earnings, with expected earnings per share of $3.41 for the next year.
• Corteva's stock has a current market capitalization of $49.38 billion and has received recent target price increases from multiple analysts, reflecting a general consensus of a "Moderate Buy" rating.

Corteva, Inc. (NYSE:CTVA - Get Free Report) announced a quarterly dividend on Tuesday, July 29th, RTT News reports. Stockholders of record on Tuesday, September 2nd will be paid a dividend of 0.18 per share on Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Tuesday, September 2nd. This is a 5.9% increase from Corteva's previous quarterly dividend of $0.17.

Corteva has a dividend payout ratio of 19.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corteva to earn $3.41 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 19.9%.

Corteva Stock Down 1.3%

Shares of CTVA traded down $0.94 during midday trading on Wednesday, reaching $71.94. The stock had a trading volume of 4,975,513 shares, compared to its average volume of 3,291,911. Corteva has a 1-year low of $50.30 and a 1-year high of $77.41. The company's fifty day simple moving average is $73.04 and its two-hundred day simple moving average is $66.03. The company has a market cap of $49.08 billion, a price-to-earnings ratio of 43.87, a PEG ratio of 1.76 and a beta of 0.76. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same period last year, the business earned $0.89 EPS. The company's revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Corteva will post 2.96 earnings per share for the current year.

Institutional Trading of Corteva

A hedge fund recently raised its stake in Corteva stock. Brighton Jones LLC increased its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 307.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,588 shares of the company's stock after buying an additional 11,760 shares during the period. Brighton Jones LLC's holdings in Corteva were worth $888,000 at the end of the most recent quarter. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CTVA shares. Citigroup lifted their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. UBS Group lifted their price target on shares of Corteva from $76.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lifted their price target on shares of Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Wells Fargo & Company lifted their price target on shares of Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Finally, Barclays raised their price objective on shares of Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $77.38.

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.