Corteva (NYSE:CTVA) Hits New 1-Year High – Time to Buy?

Corteva, Inc. (NYSE:CTVA) shares hit a new 52-week high during trading on Thursday . The company traded as high as $64.23 and last traded at $64.19, with a volume of 3415430 shares traded. The stock had previously closed at $62.51.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CTVA shares. Oppenheimer reiterated an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. KeyCorp decreased their target price on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Citigroup cut their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Finally, Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.59.

Corteva Price Performance

The stock has a market capitalization of $43.96 billion, a P/E ratio of 64.61, a PEG ratio of 1.63 and a beta of 0.77. The company has a 50 day moving average of $59.56 and a 200-day moving average of $57.43. 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 firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Corteva

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares during the period. Geode Capital Management LLC increased its position in Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after acquiring an additional 355,206 shares during the period. Franklin Resources Inc. raised its stake in Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P boosted its position in Corteva by 1.4% during the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares during the period. Finally, FMR LLC grew its stake in shares of Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after purchasing an additional 203,126 shares in 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.