Corteva (NYSE:CTVA) Price Target Raised to $61.00

Corteva (NYSE:CTVA - Free Report) had its price target boosted by Mizuho from $56.00 to $61.00 in a research note published on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

CTVA has been the subject of a number of other reports. Wells Fargo & Company increased their target price on shares of Corteva from $54.00 to $65.00 and gave the company an overweight rating in a research report on Friday, February 2nd. Loop Capital upgraded shares of Corteva from a hold rating to a buy rating and increased their target price for the company from $57.00 to $65.00 in a research report on Monday, February 12th. UBS Group reduced their target price on shares of Corteva from $65.00 to $64.00 and set a buy rating for the company in a research report on Thursday, January 11th. Royal Bank of Canada increased their target price on shares of Corteva from $56.00 to $64.00 and gave the company an outperform rating in a research report on Friday, February 2nd. Finally, TheStreet upgraded shares of Corteva from a c+ rating to a b- rating in a research report on Tuesday, February 27th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $63.52.

Corteva Price Performance

NYSE:CTVA traded up $3.07 during trading hours on Thursday, reaching $56.98. 5,797,453 shares of the company were exchanged, compared to its average volume of 3,554,358. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock's 50-day moving average is $55.33 and its 200-day moving average is $50.61. The firm has a market cap of $39.82 billion, a PE ratio of 55.86, a price-to-earnings-growth ratio of 1.42 and a beta of 0.78. Corteva has a twelve month low of $43.22 and a twelve month high of $61.07.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.65 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. The firm's revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 earnings per share. On average, sell-side analysts anticipate that Corteva will post 2.84 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.12%. Corteva's payout ratio is currently 62.75%.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently modified their holdings of the business. Xponance Inc. grew its position in Corteva by 3.3% in the 3rd quarter. Xponance Inc. now owns 87,013 shares of the company's stock valued at $4,452,000 after buying an additional 2,770 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Corteva by 14.6% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,791 shares of the company's stock worth $603,000 after purchasing an additional 1,506 shares in the last quarter. Hanson & Doremus Investment Management boosted its position in shares of Corteva by 108.1% during the 3rd quarter. Hanson & Doremus Investment Management now owns 843 shares of the company's stock worth $43,000 after purchasing an additional 438 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Corteva by 9.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,932,869 shares of the company's stock worth $354,686,000 after buying an additional 585,063 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Corteva by 1.5% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 344,500 shares of the company's stock worth $17,625,000 after buying an additional 5,100 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other 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.