Corteva (NYSE:CTVA) Stock Price Down 4.3% - Here's What Happened

Key Points

• Corteva's stock price decreased by 4.3%, dropping to $71.08 after trading as low as $70.46, with volume significantly below average.
• Despite the drop in stock price, several analysts have issued positive ratings, with targets as high as $91.00 and an average price target of $80.25, indicating overall confidence in the stock's potential.
• The company announced an increase in its dividend, raising it from $0.17 to $0.18 per share, which reflects a commitment to returning value to shareholders.

Corteva, Inc. (NYSE:CTVA - Get Free Report)'s stock price was down 4.3% during mid-day trading on Monday . The company traded as low as $70.46 and last traded at $71.08. Approximately 687,657 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 3,788,866 shares. The stock had previously closed at $74.29.

Analysts Set New Price Targets

CTVA has been the topic of several recent analyst reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a report on Friday, August 8th. BMO Capital Markets set a $86.00 target price on shares of Corteva in a research note on Monday. Zacks Research upgraded Corteva to a "hold" rating in a research note on Friday, August 8th. Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a research report on Friday, September 5th. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.00.

Corteva Stock Up 0.3%

The stock has a market capitalization of $48.11 billion, a P/E ratio of 34.56, a P/E/G ratio of 1.62 and a beta of 0.78. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The firm's fifty day moving average is $72.57 and its 200-day moving average is $68.34.

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

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, September 2nd. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Corteva

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Corteva by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company's stock worth $5,976,436,000 after buying an additional 373,680 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Corteva by 1.4% in the second quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company's stock valued at $1,339,651,000 after acquiring an additional 251,693 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Corteva by 4.9% in the second quarter. Franklin Resources Inc. now owns 17,680,238 shares of the company's stock valued at $1,317,708,000 after acquiring an additional 824,451 shares during the last quarter. Independent Franchise Partners LLP increased its position in Corteva by 1.8% in the first quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company's stock worth $1,056,299,000 after purchasing an additional 288,792 shares during the period. Finally, Northern Trust Corp raised its holdings in Corteva by 1.0% during the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock worth $740,041,000 after purchasing an additional 110,865 shares during the last quarter. 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.