Corteva, Inc. (NYSE: CTVA) has received an optimistic boost from Mizuho, which raised its price target for the company’s stock from $78.00 to $80.00 in a recent research report. The upgrade reflects Mizuho’s “outperform” rating on Corteva, indicating strong confidence in the company’s potential performance in the agricultural sector.
Several other research firms have also weighed in on Corteva’s stock, showcasing a diverse range of opinions. Wells Fargo & Company recently reduced its target price from $80.00 to $77.00 while maintaining an “overweight” rating. Meanwhile, Deutsche Bank Aktiengesellschaft lowered its price objective from $90.00 to $85.00, also assigning a “buy” rating.
Further adjustments came from BNP Paribas Exane, which increased its target from $70.00 to $72.00 with a “neutral” rating, while Jefferies Financial Group cut its target from $92.00 to $85.00. Rothschild & Co Redburn opted for a more conservative approach, lowering its target from $71.00 to $65.00 while maintaining a “neutral” rating.
As a result of these evaluations, a total of sixteen equity research analysts have assigned a “Buy” rating to Corteva, while six have issued a “Hold” rating. According to data from MarketBeat.com, the overall consensus rating for Corteva is “Moderate Buy” with an average price target of $78.79.
Corteva’s Stock Performance and Recent Earnings
On Friday, Corteva’s stock opened at $69.65. The company has demonstrated resilience, with a 50-day moving average of $66.79 and a 200-day moving average of $68.66. Over the past twelve months, the stock has fluctuated significantly, reaching a low of $53.40 and a high of $77.41. Currently, Corteva boasts a market capitalization of $47.06 billion, a PE ratio of 29.77, and a debt-to-equity ratio of 0.07.
Corteva’s recent earnings report, released on November 4, 2023, revealed a notable performance. The company reported earnings per share (EPS) of ($0.23), surpassing analysts’ expectations of ($0.49) by $0.26. The quarterly revenue was reported at $2.62 billion, exceeding the consensus estimate of $2.47 billion. This figure reflects a 6.5% increase compared to the same quarter last year.
Dividend Announcement and Institutional Investments
In addition to the positive earnings report, Corteva has declared a quarterly dividend of $0.18 per share, which was paid on December 15, 2023. Shareholders of record on December 1, 2023 received this dividend, representing an annualized payout of $0.72 and a yield of 1.0%. The company’s payout ratio currently stands at 30.77%.
Recent changes in holdings by institutional investors reflect increasing confidence in Corteva’s future. Vanguard Group Inc. raised its position by 0.5% in the second quarter, holding approximately 80,188,326 shares valued at $5.98 billion. State Street Corp increased its stake by 3.6%, acquiring 1,230,074 additional shares to reach a total of 35,280,805 shares valued at $2.39 billion. Franklin Resources Inc. and Geode Capital Management LLC also increased their holdings, contributing to a growing institutional interest in Corteva.
Currently, institutional investors and hedge funds own approximately 81.54% of Corteva’s stock, underscoring a robust confidence in the company’s long-term growth potential. As Corteva continues to innovate and expand its product offerings, analysts will be closely monitoring its performance in the competitive agricultural market.
