Secure Asset Management LLC Decreases Stake in Corteva, Inc. (NYSE:CTVA)

Secure Asset Management LLC decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 13.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,677 shares of the company’s stock after selling 558 shares during the period. Secure Asset Management LLC’s holdings in Corteva were worth $209,000 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. Capital Advisors Ltd. LLC raised its stake in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the period. First Financial Corp IN acquired a new stake in Corteva in the 4th quarter valued at $35,000. Albion Financial Group UT raised its position in Corteva by 112.6% in the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after purchasing an additional 321 shares during the period. Bangor Savings Bank lifted its stake in shares of Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after purchasing an additional 241 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Corteva in the third quarter worth about $56,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Royal Bank of Canada boosted their target price on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.59.

Corteva Price Performance

Shares of NYSE:CTVA opened at $63.96 on Friday. The company has a market cap of $43.96 billion, a PE ratio of 64.61, a P/E/G ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $45.01 and a fifty-two week high of $64.32. The firm has a 50-day simple moving average of $59.56 and a 200 day simple moving average of $57.43. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. 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.