Corteva (NYSE:CTVA) Downgraded by Argus

Argus cut shares of Corteva (NYSE:CTVA) from a buy rating to a hold rating in a report published on Wednesday morning, Marketbeat Ratings reports.

Several other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a buy rating and set a $65.00 target price on shares of Corteva in a research note on Wednesday, June 12th. Oppenheimer lifted their target price on Corteva from $67.00 to $69.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a neutral rating for the company in a research note on Friday, August 2nd. KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Finally, Royal Bank of Canada boosted their price target on Corteva from $62.00 to $64.00 and gave the company an outperform rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $62.00.

Corteva Stock Up 0.0 %

Shares of NYSE:CTVA traded up $0.01 during trading on Wednesday, hitting $51.56. 1,841,168 shares of the company were exchanged, compared to its average volume of 3,409,504. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 65.27, a P/E/G ratio of 1.46 and a beta of 0.77. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $58.76. The firm has a fifty day moving average price of $53.08 and a two-hundred day moving average price of $54.14. The company has a current ratio of 1.72, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the previous year, the firm earned $1.60 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, research analysts anticipate that Corteva will post 2.73 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is 86.08%.

Insider Transactions at Corteva

In other news, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the transaction, the senior vice president now owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Corteva

A number of institutional investors and hedge funds have recently bought and sold shares of the company. &PARTNERS increased its holdings in Corteva by 4.3% in the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock worth $278,000 after purchasing an additional 200 shares in the last quarter. Herr Investment Group LLC increased its holdings in Corteva by 2.8% in the 1st quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock worth $427,000 after purchasing an additional 200 shares in the last quarter. Azzad Asset Management Inc. ADV increased its holdings in Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after purchasing an additional 203 shares in the last quarter. Baxter Bros Inc. grew its position in shares of Corteva by 1.2% in the 4th quarter. Baxter Bros Inc. now owns 17,576 shares of the company’s stock valued at $842,000 after buying an additional 215 shares during the last quarter. Finally, Albion Financial Group UT grew its position in shares of Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Company Profile

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.