Corteva (NYSE:CTVA) Hits New 52-Week High - Still a Buy?

Corteva, Inc. (NYSE:CTVA - Get Free Report)'s share price hit a new 52-week high on Tuesday . The company traded as high as $75.21 and last traded at $74.78, with a volume of 943634 shares changing hands. The stock had previously closed at $74.53.

Wall Street Analyst Weigh In

A number of research firms recently commented on CTVA. UBS Group boosted their target price on Corteva from $74.00 to $76.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Citigroup increased their target price on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Argus upgraded shares of Corteva from a "hold" rating to a "buy" rating and set a $69.00 price objective for the company in a research report on Monday, March 31st. Finally, Barclays boosted their target price on shares of Corteva from $64.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $72.08.

Corteva Price Performance

The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $51.17 billion, a PE ratio of 45.74, a price-to-earnings-growth ratio of 1.90 and a beta of 0.75. The stock's 50-day moving average is $68.87 and its two-hundred day moving average is $63.53.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.89 earnings per share. On average, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.91%. Corteva's payout ratio is 41.46%.

Institutional Investors Weigh In On Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after acquiring an additional 11,760 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Corteva by 36.2% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 28,434 shares of the company's stock valued at $1,620,000 after purchasing an additional 7,563 shares during the period. Oppenheimer & Co. Inc. raised its holdings in shares of Corteva by 131.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 35,662 shares of the company's stock valued at $2,031,000 after purchasing an additional 20,234 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Corteva in the 4th quarter valued at about $7,564,000. Finally, Versor Investments LP bought a new position in shares of Corteva during the fourth quarter valued at approximately $356,000. 81.54% of the stock is owned by institutional investors.

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.

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