Corteva (NYSE:CTVA) Given New $65.00 Price Target at Canaccord Genuity Group

Corteva (NYSE:CTVA) had its price target hoisted by Canaccord Genuity Group from $60.00 to $65.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

CTVA has been the subject of a number of other reports. Mizuho raised their price target on Corteva from $56.00 to $61.00 and gave the stock a buy rating in a research report on Thursday. JPMorgan Chase & Co. restated a neutral rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research report on Friday, April 12th. BNP Paribas upgraded Corteva from an underperform rating to a neutral rating and set a $53.00 price target for the company in a research report on Friday, February 2nd. Wells Fargo & Company raised their price target on Corteva from $54.00 to $65.00 and gave the stock an overweight rating in a research report on Friday, February 2nd. Finally, Barclays raised their price target on Corteva from $55.00 to $58.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $63.38.

Corteva Price Performance

CTVA traded up $0.18 during trading on Friday, reaching $57.16. 2,977,563 shares of the company traded hands, compared to its average volume of 2,761,026. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 1.51. Corteva has a 12-month low of $43.22 and a 12-month high of $60.57. The firm has a fifty day simple moving average of $55.37 and a 200 day simple moving average of $50.66. The company has a market cap of $39.95 billion, a P/E ratio of 72.35, a PEG ratio of 1.49 and a beta of 0.78.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same period last year, the firm posted $1.16 EPS. The company’s revenue was down 8.0% on a year-over-year basis. On average, equities analysts forecast that Corteva will post 2.84 EPS for the current year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.12%. Corteva’s dividend payout ratio (DPR) is presently 81.01%.

Hedge Funds Weigh In On Corteva

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CVA Family Office LLC purchased a new stake in shares of Corteva during the fourth quarter worth about $25,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Corteva during the first quarter worth about $25,000. BKM Wealth Management LLC purchased a new stake in shares of Corteva during the fourth quarter worth about $27,000. Rise Advisors LLC grew its stake in shares of Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after acquiring an additional 454 shares during the last quarter. Finally, NewSquare Capital LLC grew its stake in shares of Corteva by 70.6% during the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after acquiring an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

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.