Corteva, Inc. (NYSE:CTVA) Position Increased by CX Institutional

CX Institutional raised its position in shares of Corteva, Inc. (NYSE:CTVA) by 17.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,563 shares of the company’s stock after buying an additional 688 shares during the quarter. CX Institutional’s holdings in Corteva were worth $260,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after buying an additional 11,760 shares during the period. Whalen Wealth Management Inc. acquired a new stake in shares of Corteva during the 4th quarter valued at $680,000. Independent Wealth Network Inc. acquired a new stake in shares of Corteva during the 4th quarter valued at $211,000. Janney Montgomery Scott LLC boosted its stake in shares of Corteva by 12.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 114,957 shares of the company’s stock valued at $6,548,000 after buying an additional 12,800 shares during the period. Finally, Lake Hills Wealth Management LLC acquired a new stake in shares of Corteva during the 4th quarter valued at $417,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CTVA. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. KeyCorp reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Citigroup reduced their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Price Performance

Shares of Corteva stock opened at $63.96 on Monday. 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’s 50-day simple moving average is $59.56 and its 200-day simple moving average is $57.48. Corteva, Inc. has a twelve month low of $45.01 and a twelve month high of $64.32. The firm has a market cap of $43.96 billion, a P/E ratio of 64.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

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

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.