Fintel reports that on September 5, 2023, UBS upgraded their outlook for Corteva (NYSE:CTVA) from Neutral to Buy.

Analyst Price Forecast Suggests 37.64% Upside

As of August 31, 2023, the average one-year price target for Corteva is 70.35. The forecasts range from a low of 57.57 to a high of $86.10. The average price target represents an increase of 37.64% from its latest reported closing price of 51.11.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Corteva is 18,852MM, an increase of 7.54%. The projected annual non-GAAP EPS is 3.19.

Corteva Declares $0.16 Dividend

On July 21, 2023 the company declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Shareholders of record as of September 1, 2023 will receive the payment on September 15, 2023. Previously, the company paid $0.15 per share.

At the current share price of $51.11 / share, the stock’s dividend yield is 1.25%.

Looking back five years and taking a sample every week, the average dividend yield has been 1.39%, the lowest has been 0.90%, and the highest has been 2.51%. The standard deviation of yields is 0.42 (n=201).

The current dividend yield is 0.33 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.49. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 2055 funds or institutions reporting positions in Corteva. This is a decrease of 74 owner(s) or 3.48% in the last quarter. Average portfolio weight of all funds dedicated to CTVA is 0.34%, a decrease of 9.07%. Total shares owned by institutions increased in the last three months by 0.22% to 687,926K shares. The put/call ratio of CTVA is 0.67, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital World Investors holds 38,896K shares representing 5.48% ownership of the company. In it’s prior filing, the firm reported owning 36,747K shares, representing an increase of 5.52%. The firm decreased its portfolio allocation in CTVA by 6.42% over the last quarter.

Aristotle Capital Management holds 26,499K shares representing 3.73% ownership of the company. In it’s prior filing, the firm reported owning 26,899K shares, representing a decrease of 1.51%. The firm decreased its portfolio allocation in CTVA by 9.29% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 21,107K shares representing 2.97% ownership of the company. In it’s prior filing, the firm reported owning 22,095K shares, representing a decrease of 4.68%. The firm decreased its portfolio allocation in CTVA by 16.26% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 16,926K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 16,633K shares, representing an increase of 1.73%. The firm decreased its portfolio allocation in CTVA by 12.44% over the last quarter.

Nuveen Asset Management holds 16,208K shares representing 2.28% ownership of the company. In it’s prior filing, the firm reported owning 16,499K shares, representing a decrease of 1.80%. The firm decreased its portfolio allocation in CTVA by 12.68% over the last quarter.

Corteva Background Information
(This description is provided by the company.)

Corteva Agriscience is a publicly traded, global pure-play agriculture company that provides farmers around the world with the most complete portfolio in the industry – including a balanced and diverse mix of seed, crop protection and digital solutions focused on maximizing productivity to enhance yield and profitability. With some of the most recognized brands in agriculture and an industry-leading product and technology pipeline well positioned to drive growth, the company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva Agriscience became an independent public company on June 1, 2019 and was previously the Agriculture Division of DowDuPont.

This article originally appeared on Fintel

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