Citigroup Boosts Corteva (NYSE:CTVA) Price Target to $57.00

Corteva (NYSE:CTVA) had its price objective upped by Citigroup from $55.00 to $57.00 in a report published on Tuesday morning, The Fly reports.

A number of other analysts also recently commented on the company. TheStreet upgraded Corteva from a d+ rating to a b rating in a research note on Wednesday, October 13th. KeyCorp increased their price target on Corteva from $53.00 to $55.00 and gave the stock an overweight rating in a research report on Friday, November 5th. Morgan Stanley increased their price target on Corteva from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Monday, November 15th. They noted that the move was a valuation call. Zacks Investment Research upgraded Corteva from a hold rating to a buy rating and set a $53.00 price target on the stock in a research report on Tuesday, December 7th. Finally, Mizuho assumed coverage on Corteva in a research report on Tuesday, October 12th. They set a buy rating and a $53.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corteva has a consensus rating of Buy and an average target price of $51.29.

Corteva stock opened at $48.60 on Tuesday. Corteva has a fifty-two week low of $36.54 and a fifty-two week high of $49.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.81. The company has a market cap of $35.42 billion, a PE ratio of 22.09, a PEG ratio of 1.20 and a beta of 0.79. The business’s 50-day simple moving average is $47.26 and its two-hundred day simple moving average is $44.69.

Corteva (NYSE:CTVA) last issued its earnings results on Tuesday, November 2nd. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. Corteva had a return on equity of 6.24% and a net margin of 10.67%. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the business earned ($0.39) earnings per share. As a group, analysts predict that Corteva will post 2.14 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Friday, November 12th were issued a $0.14 dividend. The ex-dividend date was Wednesday, November 10th. This represents a $0.56 annualized dividend and a dividend yield of 1.15%. Corteva’s dividend payout ratio is presently 25.45%.

In related news, Director Klaus A. Engel sold 4,000 shares of the stock in a transaction that occurred on Wednesday, December 8th. The stock was sold at an average price of $47.12, for a total value of $188,480.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. State Street Corp grew its position in Corteva by 2.9% in the second quarter. State Street Corp now owns 43,710,619 shares of the company’s stock worth $1,938,566,000 after acquiring an additional 1,224,797 shares during the period. Invesco Ltd. grew its position in Corteva by 7.1% in the third quarter. Invesco Ltd. now owns 15,314,085 shares of the company’s stock worth $644,418,000 after acquiring an additional 1,013,245 shares during the period. Geode Capital Management LLC grew its position in Corteva by 4.0% in the third quarter. Geode Capital Management LLC now owns 14,579,332 shares of the company’s stock worth $612,029,000 after acquiring an additional 561,390 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position in Corteva by 3.2% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,053,360 shares of the company’s stock worth $549,285,000 after acquiring an additional 399,459 shares during the period. Finally, Northern Trust Corp grew its position in Corteva by 4.1% in the second quarter. Northern Trust Corp now owns 12,949,955 shares of the company’s stock worth $574,331,000 after acquiring an additional 510,748 shares during the period. Institutional investors own 78.32% of the company’s stock.

About Corteva

Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.

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