Corteva (NYSE:CTVA) Price Target Lowered to $62.00 at KeyCorp

Corteva (NYSE:CTVA) had its price target lowered by KeyCorp from $66.00 to $62.00 in a research note released on Friday, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on the company. Oppenheimer increased their price objective on Corteva from $67.00 to $69.00 and gave the company an outperform rating in a report on Friday, May 3rd. OTR Global reaffirmed a negative rating on shares of Corteva in a report on Friday, June 7th. Royal Bank of Canada raised their target price on Corteva from $62.00 to $64.00 and gave the stock an outperform rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating and set a $65.00 target price on shares of Corteva in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. reissued a neutral rating and issued a $57.00 price objective (down from $58.00) on shares of Corteva in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Corteva currently has an average rating of Moderate Buy and a consensus target price of $62.60.

Corteva Stock Down 2.7 %

Corteva stock traded down $1.42 during midday trading on Friday, reaching $51.58. The company’s stock had a trading volume of 3,784,039 shares, compared to its average volume of 2,620,352. The stock’s 50-day simple moving average is $53.48 and its 200-day simple moving average is $53.86. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97. The stock has a market capitalization of $35.95 billion, a P/E ratio of 65.32, a PEG ratio of 1.46 and a beta of 0.77. Corteva has a 52-week low of $43.22 and a 52-week high of $58.76.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.60 earnings per share. On average, sell-side analysts expect that Corteva will post 2.73 EPS for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. Corteva’s payout ratio is presently 81.01%.

Insider Activity

In related news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the transaction, the insider now directly owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the sale, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Titus sold 12,134 shares of Corteva stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $56.65, for a total value of $687,391.10. Following the sale, the insider now directly owns 13,495 shares of the company’s stock, valued at $764,491.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,556 shares of company stock valued at $4,795,016. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Corteva

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTVA. Mediolanum International Funds Ltd acquired a new stake in shares of Corteva in the 1st quarter worth approximately $2,270,000. WCM Investment Management LLC boosted its holdings in shares of Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after purchasing an additional 213,949 shares during the last quarter. Red Mountain Financial LLC acquired a new position in Corteva in the fourth quarter valued at $862,000. Parsons Capital Management Inc. RI acquired a new position in Corteva in the first quarter valued at $230,000. Finally, California State Teachers Retirement System boosted its holdings in Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after acquiring an additional 181,883 shares during the last quarter. 81.54% of the stock is 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.