Corteva (NYSE:CTVA) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Corteva (NYSE:CTVA) from a hold rating to a buy rating in a research note released on Saturday morning.

Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Corteva from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. KeyCorp restated a “sector weight” rating on shares of Corteva in a report on Friday, October 3rd. Zacks Research lowered Corteva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 30th. Wells Fargo & Company decreased their price target on Corteva from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Sixteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $78.21.

Corteva Stock Down 0.9%

CTVA opened at $66.39 on Friday. The company has a market cap of $44.86 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 1.50 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58. Corteva has a one year low of $53.40 and a one year high of $77.41. The business’s fifty day moving average is $64.54 and its two-hundred day moving average is $69.31.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the company earned ($0.49) EPS. The firm’s revenue was up 6.5% on a year-over-year basis. Analysts anticipate that Corteva will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.72 annualized dividend and a yield of 1.1%. Corteva’s dividend payout ratio (DPR) is 30.77%.

Institutional Investors Weigh In On Corteva

A number of large investors have recently modified their holdings of CTVA. AIA Group Ltd lifted its holdings in Corteva by 41.2% in the 3rd quarter. AIA Group Ltd now owns 118,169 shares of the company’s stock worth $7,992,000 after buying an additional 34,502 shares in the last quarter. Allworth Financial LP increased its position in shares of Corteva by 5.2% during the third quarter. Allworth Financial LP now owns 18,441 shares of the company’s stock worth $1,247,000 after acquiring an additional 918 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Corteva by 18.3% in the third quarter. IFP Advisors Inc now owns 12,988 shares of the company’s stock worth $878,000 after acquiring an additional 2,008 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in Corteva by 6.9% in the third quarter. Swiss Life Asset Management Ltd now owns 153,829 shares of the company’s stock valued at $10,403,000 after purchasing an additional 9,891 shares during the last quarter. Finally, Groupama Asset Managment purchased a new position in Corteva in the third quarter valued at about $1,337,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid?2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.