Stock Yards Bank & Trust Co. Sells 662 Shares of Corteva, Inc. (NYSE:CTVA)

Stock Yards Bank & Trust Co. cut its stake in Corteva, Inc. (NYSE:CTVA) by 14.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,779 shares of the company’s stock after selling 662 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Corteva were worth $222,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CTVA. Rovin Capital UT ADV grew its position in Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after buying an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in 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 buying an additional 174 shares in the last quarter. Proffitt & Goodson Inc. increased its holdings in Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after buying an additional 174 shares during the period. Pinnacle Bancorp Inc. raised its stake in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after buying an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its holdings in shares of Corteva by 0.4% during the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after acquiring an additional 203 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on CTVA shares. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Wells Fargo & Company increased their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. 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. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva Price Performance

Shares of CTVA stock opened at $59.49 on Friday. Corteva, Inc. has a 1 year low of $44.01 and a 1 year high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $59.68 and its 200-day moving average is $56.25. The firm has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a PEG ratio of 1.94 and a beta of 0.77.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is 68.69%.

Corteva announced that its board has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board 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.