Vertical Research Upgrades Corteva (NYSE:CTVA) to Buy

Posted by admin on May 26th, 2023

Vertical Research upgraded shares of Corteva (NYSE:CTVA – Get Rating) from a hold rating to a buy rating in a research note published on Monday morning, The Fly reports. Vertical Research currently has $67.00 price objective on the stock.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Corteva from $78.00 to $77.00 and set an overweight rating on the stock in a report on Friday, February 3rd. Mizuho reduced their target price on shares of Corteva from $78.00 to $76.00 in a report on Friday, May 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Corteva from $75.00 to $68.00 in a report on Monday, May 8th. KeyCorp reduced their target price on shares of Corteva from $72.00 to $70.00 and set an overweight rating on the stock in a report on Friday, February 3rd. Finally, Citigroup lifted their target price on shares of Corteva from $72.00 to $74.00 and gave the company a buy rating in a report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Corteva has an average rating of Moderate Buy and a consensus target price of $72.75.

Corteva Trading Down 0.7 %

Shares of CTVA opened at $54.85 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.39 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $59.09 and a 200-day simple moving average of $61.27. Corteva has a 1-year low of $50.03 and a 1-year high of $68.43. The stock has a market cap of $38.99 billion, a price-to-earnings ratio of 33.86, a price-to-earnings-growth ratio of 1.25 and a beta of 0.78.

Corteva (NYSE:CTVA – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.23. The business had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Corteva had a net margin of 6.64% and a return on equity of 8.03%. The company’s revenue was up 6.2% on a year-over-year basis. During the same period last year, the company posted $0.97 EPS. Equities analysts forecast that Corteva will post 2.99 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Wednesday, May 31st. Corteva’s payout ratio is currently 37.04%.

Institutional Investors Weigh In On Corteva

A number of institutional investors have recently modified their holdings of CTVA. Legacy Bridge LLC grew its position in Corteva by 73.9% in the 4th quarter. Legacy Bridge LLC now owns 433 shares of the company’s stock worth $25,000 after purchasing an additional 184 shares during the last quarter. Greenwood Capital Associates LLC bought a new position in Corteva in the 4th quarter worth about $25,000. Column Capital Advisors LLC grew its position in Corteva by 100.0% in the 4th quarter. Column Capital Advisors LLC now owns 426 shares of the company’s stock worth $25,000 after purchasing an additional 213 shares during the last quarter. AXS Investments LLC bought a new position in Corteva in the 4th quarter worth about $27,000. Finally, Beacon Capital Management LLC grew its position in Corteva by 82.8% in the 4th quarter. Beacon Capital Management LLC now owns 468 shares of the company’s stock worth $28,000 after purchasing an additional 212 shares during the last quarter. Institutional investors own 79.45% of the company’s stock.

Corteva Company Profile

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Corteva, Inc engages in the provision of seed and crop protection solutions, which focus on the agriculture industry and contributing to food supply. It operates through the Seed and Crop Protection segments. The Seed segment is involved in developing and supplying advanced germplasm and traits that produce yield for farms.