KeyCorp upgraded shares of Corteva (NYSE:CTVA) from a sector weight rating to an overweight rating in a report released on Tuesday, BenzingaRatingsTable reports. They currently have $31.00 price objective on the stock. KeyCorp also issued estimates for Corteva’s FY2020 earnings at $1.34 EPS and FY2021 earnings at $1.65 EPS.
Several other equities analysts have also recently weighed in on CTVA. Deutsche Bank cut their price objective on Corteva from $34.00 to $32.00 and set a buy rating for the company in a research report on Friday, May 8th. BofA Securities lowered Corteva from a buy rating to a neutral rating and set a $28.00 price objective on the stock. in a research note on Monday. Bank of America lowered Corteva from a buy rating to a neutral rating and lowered their price objective for the company from $32.00 to $28.00 in a research note on Monday. Morgan Stanley upped their price objective on Corteva from $27.00 to $29.00 and gave the company an equal weight rating in a research note on Tuesday, June 2nd. Finally, Royal Bank of Canada upped their price objective on Corteva from $27.00 to $31.00 and gave the company an outperform rating in a research note on Monday, May 11th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company. Corteva currently has an average rating of Hold and a consensus price target of $30.42.
Shares of NYSE CTVA traded up $0.76 during trading hours on Tuesday, hitting $27.68. 107,747 shares of the company’s stock were exchanged, compared to its average volume of 5,061,591. Corteva has a 1-year low of $20.38 and a 1-year high of $32.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.92 and a quick ratio of 1.44. The stock has a market capitalization of $20.15 billion, a price-to-earnings ratio of 40.54, a PEG ratio of 1.98 and a beta of 0.93. The company’s 50-day moving average price is $27.28 and its 200-day moving average price is $26.79.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be given a $0.13 dividend. The ex-dividend date is Thursday, August 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.88%. Corteva’s payout ratio is 36.36%.
In other news, Director Gregory R. Page acquired 5,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $25.30 per share, for a total transaction of $126,500.00. Following the transaction, the director now owns 35,758 shares of the company’s stock, valued at $904,677.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Rajan Gajaria acquired 2,010 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was purchased at an average price of $25.20 per share, for a total transaction of $50,652.00. The disclosure for this purchase can be found here. Insiders acquired a total of 9,010 shares of company stock worth $227,172 over the last quarter. Corporate insiders own 0.22% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in shares of Corteva by 244.8% in the 1st quarter. Janus Henderson Group PLC now owns 1,487,893 shares of the company’s stock valued at $34,960,000 after purchasing an additional 1,056,349 shares during the period. State of Michigan Retirement System lifted its stake in shares of Corteva by 11.4% in the 2nd quarter. State of Michigan Retirement System now owns 191,119 shares of the company’s stock valued at $5,120,000 after purchasing an additional 19,508 shares during the period. HighTower Advisors LLC lifted its stake in shares of Corteva by 1.0% in the 1st quarter. HighTower Advisors LLC now owns 62,971 shares of the company’s stock valued at $1,481,000 after purchasing an additional 599 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of Corteva by 35.6% in the 1st quarter. Meeder Asset Management Inc. now owns 2,221 shares of the company’s stock valued at $52,000 after purchasing an additional 583 shares during the period. Finally, PGGM Investments acquired a new position in shares of Corteva in the 2nd quarter valued at $10,502,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.
Corteva Company Profile
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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