Argus Raises Corteva (NYSE:CTVA) Price Target to $69.00

Corteva (NYSE:CTVAGet Rating) had its price target lifted by Argus from $61.00 to $69.00 in a report issued on Monday, The Fly reports. Argus currently has a buy rating on the stock.

CTVA has been the subject of a number of other reports. KeyCorp increased their price target on Corteva from $58.00 to $63.00 and gave the company an overweight rating in a research report on Tuesday, April 5th. Loop Capital raised Corteva from a hold rating to a buy rating and set a $69.00 target price for the company in a research report on Thursday, April 14th. Mizuho raised their target price on Corteva from $60.00 to $67.00 in a research report on Friday, April 29th. Citigroup raised their target price on Corteva from $59.00 to $66.00 and gave the stock a buy rating in a research report on Tuesday, March 22nd. Finally, Redburn Partners raised Corteva from a neutral rating to a buy rating in a research report on Monday, January 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Corteva presently has a consensus rating of Buy and a consensus price target of $60.21.

Shares of CTVA opened at $62.01 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.13 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $44.88 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 1.74 and a beta of 0.65. The stock has a 50 day moving average of $58.15 and a 200 day moving average of $51.95. Corteva has a 12 month low of $40.60 and a 12 month high of $62.46.

Corteva (NYSE:CTVAGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.16. The company had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. Corteva had a return on equity of 6.70% and a net margin of 10.72%. Corteva’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the business posted $0.79 earnings per share. As a group, equities research analysts predict that Corteva will post 2.53 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Friday, May 13th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.90%. The ex-dividend date is Thursday, May 12th. Corteva’s dividend payout ratio is 23.83%.

In related news, Director Klaus A. Engel sold 3,000 shares of Corteva stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $52.76, for a total transaction of $158,280.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of CTVA. Norges Bank bought a new stake in Corteva during the fourth quarter worth about $465,952,000. First Trust Advisors LP lifted its stake in Corteva by 294.8% during the first quarter. First Trust Advisors LP now owns 5,194,288 shares of the company’s stock worth $298,568,000 after purchasing an additional 3,878,590 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in Corteva during the first quarter worth about $152,193,000. Arrowstreet Capital Limited Partnership lifted its stake in Corteva by 244.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,133,182 shares of the company’s stock worth $122,615,000 after purchasing an additional 1,513,063 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Corteva by 2.5% during the first quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after purchasing an additional 1,483,373 shares during the last quarter. 79.46% of the stock is owned by institutional investors.

About Corteva (Get Rating)

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.

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