Empirical Asset Management LLC Acquires Shares of 41,994 Corteva, Inc. (NYSE:CTVA)

Empirical Asset Management LLC bought a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 41,994 shares of the company’s stock, valued at approximately $2,392,000.

Other institutional investors have also recently modified their holdings of the company. Capital Advisors Ltd. LLC increased its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares in the last quarter. First Financial Corp IN purchased a new stake in Corteva during the 4th quarter worth approximately $35,000. Bangor Savings Bank increased its stake in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Corteva in the third quarter valued at approximately $56,000. Finally, Pinnacle Bancorp Inc. boosted its stake in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CTVA. KeyCorp reduced their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Royal Bank of Canada raised their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Citigroup cut their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Finally, Oppenheimer restated an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.47.

Corteva Stock Up 1.1 %

Corteva stock opened at $62.30 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a 50 day moving average price of $58.88 and a 200 day moving average price of $56.99. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The company has a market capitalization of $42.82 billion, a PE ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Corteva 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.