BMO Capital Markets Raises Corteva (NYSE:CTVA) Price Target to $67.00

Corteva (NYSE:CTVA) had its price objective hoisted by BMO Capital Markets from $64.00 to $67.00 in a research report report published on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada increased their target price on Corteva from $56.00 to $64.00 and gave the company an outperform rating in a research note on Friday, February 2nd. Oppenheimer lifted their price objective on Corteva from $67.00 to $69.00 and gave the stock an outperform rating in a report on Friday. TheStreet raised Corteva from a c+ rating to a b- rating in a research report on Tuesday, February 27th. JPMorgan Chase & Co. reaffirmed a neutral rating and set a $57.00 price target (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. Finally, Wells Fargo & Company boosted their price objective on shares of Corteva from $54.00 to $65.00 and gave the company an overweight rating in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $63.38.

Corteva Price Performance

CTVA opened at $57.16 on Friday. The firm has a market cap of $39.95 billion, a PE ratio of 72.35, a P/E/G ratio of 1.50 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 $50.65. Corteva has a 1 year low of $43.22 and a 1 year high of $60.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.90.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. During the same period in the previous year, the company earned $1.16 earnings per share. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Sell-side analysts predict that Corteva will post 2.83 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be given a $0.16 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. Corteva’s payout ratio is currently 81.01%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CTVA. Vanguard Group Inc. raised its holdings in Corteva by 2.4% during the third quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after acquiring an additional 1,941,323 shares during the period. Capital International Investors grew its position in shares of Corteva by 47.2% during the fourth quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after purchasing an additional 8,260,808 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Corteva by 19.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,236,504 shares of the company’s stock valued at $634,293,000 after purchasing an additional 2,141,428 shares during the period. Northern Trust Corp lifted its holdings in Corteva by 2.5% in the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock worth $614,133,000 after purchasing an additional 310,012 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Corteva by 7.2% in the 1st quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock worth $527,409,000 after purchasing an additional 617,030 shares during the period. Hedge funds and other 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.