Corteva (NYSE:CTVA) Price Target Cut to $69.00 by Analysts at Citigroup

Corteva (NYSE:CTVA) had its price objective trimmed by Citigroup from $70.00 to $69.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also commented on CTVA. KeyCorp boosted their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada decreased their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Finally, UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $65.12.

Corteva Stock Down 3.7 %

Shares of NYSE CTVA opened at $56.41 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $59.74 and a 200 day moving average price of $56.32. Corteva has a 52 week low of $44.01 and a 52 week high of $64.20. The stock has a market capitalization of $38.77 billion, a price-to-earnings ratio of 56.98, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.21%. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC raised its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva in the second quarter worth $43,000. Bangor Savings Bank raised its stake in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after acquiring an additional 241 shares during the period. Northwest Investment Counselors LLC purchased a new stake in Corteva during the 3rd quarter worth $56,000. Finally, Pinnacle Bancorp Inc. lifted its stake in shares of Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.