Corteva (NYSE:CTVA) Price Target Raised to $67.00 at Wells Fargo & Company

Corteva (NYSE:CTVA) had its price target raised by Wells Fargo & Company from $66.00 to $67.00 in a research report released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

CTVA has been the subject of several other reports. Wolfe Research started coverage on Corteva in a research note on Friday, March 1st. They issued an outperform rating and a $67.00 price target for the company. Oppenheimer boosted their price target on Corteva from $67.00 to $69.00 and gave the company an outperform rating in a research note on Friday. Mizuho boosted their price target on Corteva from $56.00 to $61.00 and gave the company a buy rating in a research note on Thursday. JPMorgan Chase & Co. reiterated a neutral rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Finally, Royal Bank of Canada boosted their price objective on shares of Corteva from $56.00 to $64.00 and gave the company an outperform rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $63.38.

Corteva Stock Performance

Shares of NYSE:CTVA traded up $0.18 during trading on Friday, reaching $57.16. 2,977,563 shares of the stock were exchanged, compared to its average volume of 2,761,026. Corteva has a 12 month low of $43.22 and a 12 month high of $60.57. The firm has a market cap of $39.95 billion, a PE ratio of 72.35, a PEG ratio of 1.49 and a beta of 0.78. The stock has a 50-day moving average price of $55.37 and a 200-day moving average price of $50.66. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 earnings per share. Research analysts expect that Corteva will post 2.84 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 $0.16 dividend. 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 1.12%. Corteva’s payout ratio is 81.01%.

Institutional Trading of Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. WCM Investment Management LLC boosted its position in shares of Corteva by 3.1% during the 4th quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after purchasing an additional 213,949 shares in the last quarter. Parsons Capital Management Inc. RI acquired a new stake in shares of Corteva in the 1st quarter worth about $230,000. 17 Capital Partners LLC acquired a new stake in shares of Corteva in the 4th quarter worth about $1,649,000. Factory Mutual Insurance Co. raised its holdings in shares of Corteva by 10.7% in the 4th quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock worth $25,520,000 after acquiring an additional 51,500 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Corteva by 9.7% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 777,833 shares of the company’s stock worth $39,794,000 after acquiring an additional 68,593 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.