Corteva, Inc. (NYSE:CTVA) Shares Purchased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. raised its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,095 shares of the company’s stock after buying an additional 2,085 shares during the period. Covington Investment Advisors Inc.’s holdings in Corteva were worth $6,414,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTVA. Acadian Asset Management LLC purchased a new stake in shares of Corteva in the first quarter worth about $25,000. Capital Advisors Ltd. LLC raised its holdings in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. acquired a new position in Corteva during the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva in the 2nd quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in Corteva in the second quarter valued at approximately $45,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. KeyCorp raised their price target on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Citigroup started coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Barclays raised their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada dropped their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Price Performance

Shares of CTVA opened at $64.12 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market cap of $44.07 billion, a P/E ratio of 64.77, a PEG ratio of 1.99 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. The stock has a fifty day moving average price of $58.84 and a 200 day moving average price of $55.81.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

About Corteva

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.