Corteva, Inc. (NYSE:CTVA) to Issue Quarterly Dividend of $0.17

Corteva, Inc. (NYSE:CTVA) announced a quarterly dividend on Monday, January 27th,RTT News reports. Shareholders of record on Monday, March 3rd will be paid a dividend of 0.17 per share on Monday, March 17th. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%.

Corteva has increased its dividend by an average of 6.9% per year over the last three years. Corteva has a payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Corteva to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 21.1%.

Corteva Stock Performance

Shares of Corteva stock opened at $63.96 on Monday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $59.56 and a two-hundred day moving average price of $57.53. The company has a market cap of $43.96 billion, a P/E ratio of 64.61, a PEG ratio of 1.63 and a beta of 0.77. Corteva has a 1-year low of $45.01 and a 1-year high of $64.32.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on CTVA shares. Bank of America lifted their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Citigroup cut their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Barclays lifted their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada lifted their target price on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.59.

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.