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 published on Saturday morning.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group upped their price target on shares of Corteva from $77.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Wells Fargo & Company cut their target price on shares of Corteva from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Mizuho raised their target price on shares of Corteva from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price target on the stock in a report on Thursday, October 2nd. Finally, Argus reduced their price objective on Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Sixteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.84.

Corteva Stock Performance

CTVA opened at $69.65 on Friday. The business has a 50 day moving average price of $66.79 and a two-hundred day moving average price of $68.62. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. The company has a market capitalization of $47.06 billion, a price-to-earnings ratio of 29.77, a price-to-earnings-growth ratio of 1.41 and a beta of 0.74. Corteva has a 1-year low of $53.40 and a 1-year high of $77.41.

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

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.18 dividend. The ex-dividend date was Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva’s dividend payout ratio is presently 30.77%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CTVA. Gladwyn Financial Advisors Inc. acquired a new stake in Corteva during the 2nd quarter worth about $25,000. Activest Wealth Management lifted its position in shares of Corteva by 118.3% in the third quarter. Activest Wealth Management now owns 369 shares of the company’s stock worth $25,000 after purchasing an additional 200 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Corteva in the third quarter worth approximately $25,000. True Wealth Design LLC boosted its holdings in shares of Corteva by 209.5% during the third quarter. True Wealth Design LLC now owns 390 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the period. Finally, Total Investment Management Inc. purchased a new position in Corteva during the second quarter valued at approximately $27,000. 81.54% of the stock is owned by institutional investors and hedge funds.

About Corteva

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.