Corteva (NYSE:CTVA) Stock Price Expected to Rise, KeyCorp Analyst Says

Key Points

• KeyCorp analysts have increased their target price for Corteva from $84.00 to $85.00, suggesting a potential upside of 20.49% from the previous close.
• The stock currently has a consensus rating of "Moderate Buy" with twelve analysts assigning a buy rating and two rating it as hold.
• Corteva reported earnings of $2.20 per share for the recent quarter, exceeding analysts' expectations and demonstrating a 5.6% year-over-year revenue increase.

Corteva (NYSE:CTVA - Free Report) had its price target increased by KeyCorp from $84.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

CTVA has been the subject of a number of other reports. Barclays lifted their price target on Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Royal Bank Of Canada lifted their price target on Corteva from $74.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Citigroup lifted their price target on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. BMO Capital Markets boosted their price objective on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley boosted their price objective on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $79.50.

Corteva Price Performance

Shares of NYSE:CTVA traded down $0.19 on Friday, hitting $70.87. The stock had a trading volume of 5,568,025 shares, compared to its average volume of 3,940,977. Corteva has a twelve month low of $50.78 and a twelve month high of $77.41. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.00 and a current ratio of 1.68. The firm's 50 day moving average price is $73.29 and its 200-day moving average price is $66.54. The company has a market capitalization of $48.34 billion, a price-to-earnings ratio of 34.57, a price-to-earnings-growth ratio of 1.71 and a beta of 0.75.

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

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's dividend payout ratio (DPR) is currently 41.46%.

Institutional Trading of Corteva

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital World Investors grew its position in shares of Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after purchasing an additional 12,381,436 shares during the period. Nuveen LLC acquired a new position in shares of Corteva in the 1st quarter valued at approximately $640,333,000. Independent Franchise Partners LLP grew its position in shares of Corteva by 51.5% in the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock valued at $939,641,000 after purchasing an additional 5,604,838 shares during the period. WCM Investment Management LLC grew its position in shares of Corteva by 29.6% in the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company's stock valued at $672,836,000 after purchasing an additional 2,066,519 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Corteva by 4,769.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company's stock valued at $143,427,000 after purchasing an additional 1,884,897 shares during the period. 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.