Corteva (NYSE:CTVA) Price Target Lowered to $73.00 at UBS Group

Corteva (NYSE:CTVA) had its target price lowered by UBS Group from $74.00 to $73.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently commented on CTVA. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America raised their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. KeyCorp cut their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Finally, Citigroup cut their target price on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.47.

Corteva Stock Down 0.2 %

NYSE CTVA opened at $57.04 on Friday. The business has a fifty day moving average price of $58.88 and a 200 day moving average price of $56.79. Corteva has a one year low of $44.01 and a one year high of $64.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market cap of $39.20 billion, a P/E ratio of 57.62, a P/E/G 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. Investors of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is 68.69%.

Corteva declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Corteva

Several hedge funds and other institutional investors have recently made changes to their positions in CTVA. Victory Capital Management Inc. boosted its stake in shares of Corteva by 4.6% in the 2nd quarter. Victory Capital Management Inc. now owns 366,986 shares of the company’s stock valued at $19,795,000 after buying an additional 16,268 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Corteva by 4,322.2% in the 2nd quarter. Acadian Asset Management LLC now owns 19,679 shares of the company’s stock valued at $1,060,000 after buying an additional 19,234 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Corteva in the 2nd quarter valued at about $134,000. Choreo LLC boosted its stake in shares of Corteva by 194.7% in the 2nd quarter. Choreo LLC now owns 22,896 shares of the company’s stock valued at $1,216,000 after buying an additional 15,126 shares during the period. Finally, Royal London Asset Management Ltd. raised its position in shares of Corteva by 2.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 284,544 shares of the company’s stock worth $15,348,000 after acquiring an additional 6,092 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

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.