Corteva (NYSE:CTVA) Sets New 12-Month Low – Should You Sell?

Corteva, Inc. (NYSE:CTVA)’s share price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $10.50 and last traded at $10.2550, with a volume of 361,094 shares traded. The stock had previously closed at $12.14.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CTVA shares. KeyCorp raised shares of Corteva from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a research note on Wednesday, October 7th. UBS Group decreased their price target on shares of Corteva to $15.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Deutsche Bank reiterated a “buy” rating and issued a $101.00 price target on shares of Corteva in a report on Monday, August 3rd. Citigroup raised their price objective on Corteva from $86.00 to $91.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Corteva in a research report on Wednesday, October 7th. Sixteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.59.

Corteva Price Performance

The stock has a market cap of $6.42 billion, a PE ratio of 6.39, a P/E/G ratio of 1.70 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.52 and a quick ratio of 1.10. The business has a fifty day moving average of $40.43 and a 200 day moving average of $70.20.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Thursday, November 12th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.04. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $1.77 billion. Corteva had a return on equity of 10.18% and a net margin of 5.66%. Corteva’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.23) EPS. Sell-side analysts anticipate that Corteva, Inc. will post 1.05 earnings per share for the current year.

Corteva Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.05 dividend. This is a drop from Corteva’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, December 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. Corteva’s dividend payout ratio (DPR) is currently 47.68%.

Hedge Funds Weigh In On Corteva

Several large investors have recently modified their holdings of CTVA. BlackRock Inc. acquired a new stake in shares of Corteva during the 2nd quarter valued at approximately $4,560,180,000. Wellington Management Group LLP boosted its holdings in Corteva by 941.7% in the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock worth $644,720,000 after purchasing an additional 6,881,875 shares during the period. Royal Bank of Canada increased its stake in Corteva by 202.1% during the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock valued at $624,362,000 after purchasing an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC bought a new stake in Corteva during the second quarter valued at $544,246,000. Finally, Bank of America Corp DE bought a new stake in Corteva during the second quarter valued at $484,927,000. Institutional investors own 81.54% of the company’s stock.

Corteva Company Profile

Corteva, Inc. is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases. Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva’s crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.