KeyCorp Forecasts Strong Price Appreciation for Corteva (NYSE:CTVA) Stock

Corteva (NYSE:CTVA) had its price target lifted by KeyCorp from $68.00 to $70.00 in a report published on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on CTVA. Barclays boosted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company increased their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Citigroup raised their price objective on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price objective on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.31.

Corteva Trading Down 0.1 %

Shares of NYSE:CTVA opened at $62.32 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a 1 year low of $50.01 and a 1 year high of $66.24. The company has a market cap of $42.83 billion, a P/E ratio of 62.95, a PEG ratio of 1.71 and a beta of 0.78. The stock’s fifty day moving average price is $60.22 and its 200-day moving average price is $58.14.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 4.18% and a return on equity of 6.63%. Sell-side analysts expect that Corteva will post 2.58 earnings per share for the current year.

Corteva declared that its board has initiated a share buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva’s payout ratio is 68.69%.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently modified their holdings of CTVA. Noble Wealth Management PBC acquired a new position in Corteva during the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC acquired a new position in Corteva during the 4th quarter worth approximately $27,000. Golden State Wealth Management LLC purchased a new position in shares of Corteva in the fourth quarter valued at $32,000. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the last quarter. Finally, Centricity Wealth Management LLC acquired a new stake in Corteva during the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.