Corteva (NYSE:CTVA) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Corteva (NYSE:CTVA) from a neutral rating to an overweight rating in a research note released on Thursday morning, MarketBeat.com reports. JPMorgan Chase & Co. currently has $67.00 price target on the stock.

A number of other research analysts have also issued reports on the company. Wall Street Zen upgraded Corteva from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Zacks Research upgraded shares of Corteva to a “hold” rating in a research report on Friday, August 8th. BMO Capital Markets set a $86.00 price objective on shares of Corteva in a report on Monday, September 15th. Finally, KeyCorp boosted their target price on shares of Corteva from $84.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

Corteva Price Performance

Shares of NYSE:CTVA opened at $63.36 on Thursday. The company has a market cap of $43.03 billion, a PE ratio of 30.91, a P/E/G ratio of 1.43 and a beta of 0.76. Corteva has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The firm has a 50-day simple moving average of $71.24 and a 200 day simple moving average of $68.90. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. Corteva’s revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the company posted $1.83 earnings per share. On average, sell-side analysts anticipate that Corteva will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio is 35.12%.

Insider Activity at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Corteva

A number of institutional investors have recently added to or reduced their stakes in the company. Gladwyn Financial Advisors Inc. acquired a new position in shares of Corteva during the 2nd quarter valued at $25,000. Total Investment Management Inc. bought a new position in Corteva during the second quarter valued at about $27,000. Curat Global LLC boosted its stake in Corteva by 93.7% during the second quarter. Curat Global LLC now owns 370 shares of the company’s stock valued at $28,000 after buying an additional 179 shares in the last quarter. Maryland Capital Advisors Inc. acquired a new position in Corteva during the second quarter worth about $29,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Corteva in the second quarter worth about $29,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

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.