Bank & Trust Co Sells 215 Shares of Corteva, Inc. (NYSE:CTVA)

Bank & Trust Co cut its holdings in Corteva, Inc. (NYSE:CTVA) by 17.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,049 shares of the company’s stock after selling 215 shares during the period. Bank & Trust Co’s holdings in Corteva were worth $60,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Anomaly Capital Management LP acquired a new stake in shares of Corteva in the second quarter valued at about $188,578,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Corteva during the 3rd quarter worth approximately $99,869,000. Franklin Resources Inc. increased its holdings in Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after buying an additional 856,007 shares during the last quarter. Bank of Montreal Can raised its position in Corteva by 370.6% during the second quarter. Bank of Montreal Can now owns 1,074,361 shares of the company’s stock worth $57,951,000 after acquiring an additional 846,065 shares in the last quarter. Finally, KBC Group NV lifted its stake in Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the topic of a number of research analyst reports. KeyCorp upped their target price on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Royal Bank of Canada lifted their target price on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Finally, Wells Fargo & Company increased their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.41.

Corteva Price Performance

Shares of CTVA traded up $0.17 during mid-day trading on Tuesday, reaching $57.11. The company had a trading volume of 542,957 shares, compared to its average volume of 2,092,583. The company’s 50 day simple moving average is $59.20 and its 200 day simple moving average is $56.73. Corteva, Inc. has a 1-year low of $44.01 and a 1-year high of $64.20. The company has a market capitalization of $39.25 billion, a price-to-earnings ratio of 57.69, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.19%. Corteva’s payout ratio is 68.69%.

Corteva declared that its board has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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.