Corteva (NYSE:CTVA) Hits New 1-Year High – Should You Buy?

Corteva, Inc. (NYSE:CTVA)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $72.30 and last traded at $72.00, with a volume of 2888399 shares. The stock had previously closed at $71.64.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Corteva in a report on Thursday, March 13th. They set a “buy” rating and a $71.00 target price on the stock. UBS Group increased their target price on shares of Corteva from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Citigroup increased their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company increased their target price on shares of Corteva from $73.00 to $79.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Finally, Barclays increased their target price on shares of Corteva from $64.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average target price of $70.50.

Corteva Trading Up 0.5%

The firm has a market capitalization of $49.12 billion, a PE ratio of 55.81, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The company’s 50-day simple moving average is $64.33 and its 200 day simple moving average is $62.23.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. Corteva’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.89 EPS. As a group, sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s payout ratio is currently 41.46%.

Hedge Funds Weigh In On Corteva

Hedge funds and other institutional investors have recently modified their holdings of the stock. Flagship Wealth Advisors LLC purchased a new position in shares of Corteva in the 4th quarter valued at approximately $25,000. Noble Wealth Management PBC purchased a new position in shares of Corteva in the 4th quarter valued at approximately $26,000. Pinney & Scofield Inc. purchased a new position in Corteva during the 4th quarter worth approximately $27,000. LGT Financial Advisors LLC purchased a new position in Corteva during the 4th quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC purchased a new position in Corteva during the 4th quarter worth approximately $32,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

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.