Corteva (NYSE:CTVA) Price Target Raised to $64.00 at Royal Bank of Canada

Corteva (NYSE:CTVA) had its price target lifted by Royal Bank of Canada from $62.00 to $64.00 in a research note published on Monday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on CTVA. BNP Paribas raised shares of Corteva from an underperform rating to a neutral rating and set a $53.00 price target on the stock in a report on Friday, February 2nd. BMO Capital Markets increased their price target on Corteva from $64.00 to $67.00 and gave the company an outperform rating in a report on Friday. Loop Capital raised Corteva from a hold rating to a buy rating and lifted their price objective for the stock from $57.00 to $65.00 in a report on Monday, February 12th. Deutsche Bank Aktiengesellschaft increased their target price on Corteva from $62.00 to $65.00 and gave the company a buy rating in a report on Monday. Finally, JPMorgan Chase & Co. restated a neutral rating and set a $57.00 target price (down from $58.00) on shares of Corteva in a research report on Friday, April 12th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $63.24.

Corteva Trading Down 1.4 %

Shares of NYSE CTVA opened at $56.36 on Monday. The firm’s 50 day moving average price is $55.40 and its 200-day moving average price is $50.69. Corteva has a 52-week low of $43.22 and a 52-week high of $59.04. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. The company has a market cap of $39.28 billion, a PE ratio of 71.34, a P/E/G ratio of 1.50 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The company’s revenue was down 8.0% compared to the same quarter last year. During the same period last year, the business posted $1.16 EPS. On average, equities research analysts expect that Corteva will post 2.83 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.14%. Corteva’s payout ratio is 81.01%.

Institutional Trading of Corteva

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors lifted its position in shares of Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after purchasing an additional 8,260,808 shares during the period. Norges Bank bought a new stake in Corteva during the fourth quarter valued at about $265,298,000. Harris Associates L P purchased a new stake in shares of Corteva during the third quarter valued at about $246,423,000. Van ECK Associates Corp grew its position in shares of Corteva by 78.7% in the 3rd quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock worth $391,123,000 after buying an additional 3,366,106 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Corteva by 29.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock worth $567,624,000 after buying an additional 2,545,570 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

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.