Corteva (NYSE:CTVA) Hits New 52-Week High – Time to Buy?

Corteva, Inc. (NYSE:CTVA) reached a new 52-week high during trading on Monday . The stock traded as high as $63.76 and last traded at $63.65, with a volume of 4112718 shares changing hands. The stock had previously closed at $61.23.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CTVA shares. Wells Fargo & Company increased their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.33.

Corteva Stock Down 1.2 %

The firm has a market cap of $42.95 billion, a price-to-earnings ratio of 63.12, a price-to-earnings-growth ratio of 2.08 and a beta of 0.77. The stock’s 50 day moving average is $59.07 and its 200 day moving average is $55.90. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio is currently 68.69%.

Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CTVA. Anomaly Capital Management LP acquired a new position in shares of Corteva in the second quarter worth about $188,578,000. Vaughan Nelson Investment Management L.P. boosted its stake in Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Corteva during the 3rd quarter worth approximately $99,869,000. Bank of New York Mellon Corp raised its stake in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

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.