Corteva, Inc. (NYSE: CTVA) has received an upgraded price target from Mizuho Securities, which increased its forecast from $78.00 to $80.00. This adjustment reflects a positive outlook on the company’s stock, which Mizuho currently rates as “outperform.” The news comes amid a series of evaluations and adjustments from various research firms regarding Corteva’s performance and market potential.
Other analysts have also weighed in on Corteva’s stock. On November 11, Wells Fargo & Company reduced its price target from $80.00 to $77.00, maintaining an “overweight” rating. Similarly, Deutsche Bank Aktiengesellschaft lowered its price objective from $90.00 to $85.00 on November 6, while giving the stock a “buy” rating. Meanwhile, BNP Paribas Exane increased their target to $72.00 from $70.00, assigning a “neutral” rating on November 17. In a separate report, Jefferies Financial Group cut its price objective from $92.00 to $85.00 on October 2, and Rothschild & Co Redburn adjusted its target from $71.00 to $65.00, also providing a “neutral” rating on November 11.
Analysts have shown considerable interest in Corteva’s stock, with sixteen equity research analysts issuing “buy” ratings and six opting for a “hold” rating. According to data from MarketBeat.com, the stock currently holds an average rating of “Moderate Buy” and a consensus price target of $78.79.
Price Performance and Financial Metrics
On Friday, Corteva shares opened at $69.65. The stock has a 50-day moving average of $66.79 and a 200-day moving average of $68.66. Over the past year, the stock has fluctuated between a low of $53.40 and a high of $77.41. Corteva boasts a market capitalization of $47.06 billion and a price-to-earnings (P/E) ratio of 29.77. The company’s performance metrics include a P/E/G ratio of 1.42 and a beta of 0.74. Its current ratio stands at 1.58, quick ratio at 1.07, and a debt-to-equity ratio of 0.07.
Corteva recently reported its earnings for the third quarter on November 4, revealing an earnings per share (EPS) of ($0.23), surpassing analysts’ expectations of ($0.49) by $0.26. The company achieved a return on equity of 9.37% and a net margin of 9.19%. Revenue for the quarter reached $2.62 billion, exceeding the consensus estimate of $2.47 billion. This marks a 6.5% increase in quarterly revenue compared to the previous year.
Corteva’s Dividend Announcement
In addition to its financial results, Corteva declared a quarterly dividend of $0.18 per share, which was paid on December 15. Shareholders of record as of December 1 received this dividend, translating to an annualized dividend of $0.72 and a yield of 1.0%. The ex-dividend date was set for December 1, and Corteva’s payout ratio stands at 30.77%.
Hedge Fund Activity and Institutional Ownership
Recent changes in institutional holdings reflect significant investment interest in Corteva. Vanguard Group Inc. increased its stake in Corteva by 0.5% in the second quarter, now holding 80,188,326 shares valued at approximately $5.98 billion. State Street Corp raised its position by 3.6% in the third quarter, acquiring an additional 1,230,074 shares for a total of 35,280,805 shares worth around $2.39 billion. Franklin Resources Inc. also increased its stake by 5.9%, now owning 18,731,627 shares valued at approximately $1.27 billion.
Other notable investors include Geode Capital Management LLC and Northern Trust Corp, which increased their holdings by 1.4% and 1.8%, respectively. Currently, institutional investors and hedge funds own approximately 81.54% of Corteva’s stock.
Corteva operates as an independent global agriculture company, established in mid-2019 after separating from DowDuPont. The company focuses on providing agricultural technologies and products aimed at enhancing productivity and managing crop health. Its offerings include seed genetics, crop protection products, and digital solutions designed to support farmers throughout the crop production cycle.
