Corteva (NYSE:CTVA) Price Target Raised to $85.00

Corteva (NYSE:CTVA - Free Report) had its target price lifted by Royal Bank Of Canada from $74.00 to $85.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on CTVA. BMO Capital Markets increased their target price on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research report on Tuesday. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. UBS Group boosted their price objective on shares of Corteva from $76.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective 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, Citigroup boosted their price objective 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. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.54.

Corteva Price Performance

Shares of NYSE CTVA traded down $1.26 during mid-day trading on Thursday, hitting $73.57. 2,230,434 shares of the company's stock traded hands, compared to its average volume of 3,418,380. The company's 50-day moving average is $71.23 and its two-hundred day moving average is $64.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00. The company has a market capitalization of $50.19 billion, a P/E ratio of 44.86, a PEG ratio of 1.94 and a beta of 0.76. Corteva has a 1 year low of $50.30 and a 1 year high of $77.41.

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

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.92%. Corteva's dividend payout ratio is currently 41.46%.

Institutional Investors Weigh In On Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Scissortail Wealth Management LLC raised its stake in Corteva by 72,080.0% during the 4th quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock worth $206,000 after acquiring an additional 3,604 shares in the last quarter. DnB Asset Management AS boosted its holdings in shares of Corteva by 39.0% in the fourth quarter. DnB Asset Management AS now owns 232,902 shares of the company's stock valued at $13,266,000 after acquiring an additional 65,334 shares during the period. Brighton Jones LLC boosted 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 during the period. Farther Finance Advisors LLC boosted its holdings in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after acquiring an additional 536 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Corteva by 56.3% in the fourth quarter. BNP Paribas Financial Markets now owns 1,460,898 shares of the company's stock valued at $83,213,000 after acquiring an additional 526,150 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

About Corteva

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.