Zacks Investment Research Downgrades Corteva (NYSE:CTVA) to Hold

Zacks Investment Research downgraded shares of Corteva (NYSE:CTVA) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Corteva, Inc. provides agriculture products. The company develops and supplies germplasm and traits in corn, soybean and sunflower seed markets. It also supplies products to the agricultural input industry which protect against weeds, insects and other pests, and diseases as well as to enhance crop health. Corteva, Inc. is based in Wilmington, Delaware. “

Several other research analysts also recently issued reports on the company. KeyCorp lifted their price objective on Corteva from $53.00 to $55.00 and gave the stock an overweight rating in a research report on Friday, November 5th. Roth Capital began coverage on Corteva in a report on Friday, October 8th. They issued a buy rating and a $53.00 price target for the company. Mizuho began coverage on Corteva in a report on Tuesday, October 12th. They issued a buy rating and a $53.00 price target for the company. Loop Capital downgraded Corteva from a buy rating to a hold rating in a report on Monday, October 18th. Finally, TheStreet upgraded Corteva from a d+ rating to a b rating in a report on Wednesday, October 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $51.29.

Shares of CTVA opened at $48.60 on Wednesday. Corteva has a twelve month low of $36.54 and a twelve month high of $49.98. The stock’s 50 day moving average is $47.26 and its two-hundred day moving average is $44.69. The firm has a market capitalization of $35.43 billion, a PE ratio of 22.09, a P/E/G ratio of 1.20 and a beta of 0.79. The company has a current ratio of 1.81, a quick ratio of 1.25 and a debt-to-equity ratio of 0.04.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Tuesday, November 2nd. The company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. Corteva had a return on equity of 6.24% and a net margin of 10.67%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the company earned ($0.39) EPS. On average, sell-side analysts predict that Corteva will post 2.14 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Friday, November 12th were given a $0.14 dividend. The ex-dividend date was Wednesday, November 10th. This represents a $0.56 dividend on an annualized basis and a yield of 1.15%. Corteva’s payout ratio is currently 25.45%.

In other news, Director Klaus A. Engel sold 4,000 shares of the company’s stock in a transaction dated Wednesday, December 8th. The shares were sold at an average price of $47.12, for a total value of $188,480.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. acquired a new stake in Corteva during the third quarter worth about $26,000. Guidance Point Advisors LLC bought a new position in Corteva in the 3rd quarter worth about $31,000. Evermay Wealth Management LLC bought a new position in Corteva in the 2nd quarter worth about $46,000. SRS Capital Advisors Inc. grew its position in Corteva by 20.7% in the 3rd quarter. SRS Capital Advisors Inc. now owns 1,306 shares of the company’s stock worth $55,000 after purchasing an additional 224 shares during the last quarter. Finally, Koshinski Asset Management Inc. bought a new position in Corteva in the 3rd quarter worth about $57,000. Hedge funds and other institutional investors own 78.32% of the company’s stock.

Corteva Company Profile

Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.

See Also: Dividend Aristocrat Index

Get a free copy of the Zacks research report on Corteva (CTVA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Corteva (NYSE:CTVA)

Receive News & Ratings for Corteva Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corteva and related companies with MarketBeat.com's FREE daily email newsletter.