Corteva (NYSE:CTVA) has received an upgraded price target from Mizuho, increasing from $78.00 to $80.00. This adjustment comes as part of a research report released on November 3, 2023, where Mizuho maintained an “outperform” rating on the stock. The report signals a positive outlook for the agricultural company, which focuses on seed genetics and crop protection technologies.
Several other financial institutions have also recently evaluated Corteva’s stock, reflecting a range of perspectives. For instance, Wells Fargo & Company reduced their target price from $80.00 to $77.00 while assigning an “overweight” rating on November 1, 2023. Meanwhile, Deutsche Bank Aktiengesellschaft lowered its price objective from $90.00 to $85.00 and maintained a “buy” rating in a report from November 6, 2023.
BNP Paribas Exane increased their target from $70.00 to $72.00, assigning a “neutral” rating in their analysis on November 17, 2023. Jefferies Financial Group also revised their price objective downward from $92.00 to $85.00 in early October. Additionally, Rothschild & Co Redburn adjusted their forecast from $71.00 to $65.00, providing a “neutral” outlook on the stock on November 11, 2023.
Analysts overall remain optimistic, with sixteen equities research analysts rating Corteva with a “buy” and six assigning a “hold.” According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $78.79.
Corteva’s stock performance has been noteworthy. On November 3, 2023, shares opened at $69.65, with a 50-day moving average of $66.79 and a 200-day moving average of $68.66. The stock has fluctuated between a twelve-month low of $53.40 and a high of $77.41. Corteva boasts a market capitalization of $47.06 billion, with a price-to-earnings (P/E) ratio of 29.77 and a return on equity of 9.37%.
In terms of financial performance, Corteva reported earnings results on November 4, 2023. The company announced an earnings per share (EPS) of ($0.23), which surpassed analysts’ expectations of ($0.49) by $0.26. Corteva’s revenue for the quarter reached $2.62 billion, exceeding the consensus estimate of $2.47 billion. This marked a significant increase of 6.5% year-over-year.
Shareholders can also benefit from the company’s dividend policy. Corteva recently declared a dividend of $0.18 per share, paid on December 15, 2023, to those on record as of December 1, 2023. This brings the annualized dividend to $0.72, yielding 1.0% with a payout ratio of 30.77%.
Institutional investors have shown increased interest in Corteva. Vanguard Group Inc. expanded its holdings by 0.5% in the second quarter, owning 80,188,326 shares valued at approximately $5.98 billion. Similarly, State Street Corp raised its position by 3.6% during the third quarter, now holding 35,280,805 shares worth roughly $2.39 billion. Franklin Resources Inc. and Geode Capital Management LLC also increased their stakes, reflecting a trend among hedge funds to invest in Corteva.
Corteva, Inc. operates as an independent global agricultural company, formed through the separation of agriculture businesses from DowDuPont in 2019. The firm focuses on providing innovative technologies and products designed to enhance agricultural productivity and manage crop health. Its key business activities encompass research and development, formulation and sale of crop protection products, and the advancement of seed treatments and biological solutions.
