Oppenheimer Reaffirms “Outperform” Rating for Corteva (NYSE:CTVA)

Oppenheimer reaffirmed their outperform rating on shares of Corteva (NYSE:CTVA) in a report issued on Friday,Benzinga reports. The firm currently has a $70.00 price objective on the stock, up from their previous price objective of $69.00.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Citigroup started coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. JPMorgan Chase & Co. cut their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, KeyCorp cut their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

Corteva Price Performance

CTVA opened at $58.51 on Friday. Corteva has a 1 year low of $43.22 and a 1 year high of $63.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 1.17. The company has a market capitalization of $40.50 billion, a price-to-earnings ratio of 59.10, a P/E/G ratio of 1.72 and a beta of 0.77. The firm’s fifty day moving average price is $58.19 and its two-hundred day moving average price is $55.60.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.16%. Corteva’s payout ratio is 68.69%.

Hedge Funds Weigh In On Corteva

A number of hedge funds and other institutional investors have recently modified their holdings of CTVA. Acadian Asset Management LLC bought a new stake in Corteva in the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC lifted its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Corteva in the 2nd quarter valued at $34,000. Redwood Wealth Management Group LLC bought a new position in shares of Corteva during the 2nd quarter valued at $43,000. Finally, Triad Wealth Partners LLC purchased a new position in Corteva in the 2nd quarter worth $45,000. 81.54% of the stock is currently owned by hedge funds and other 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.